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The New Jersey Estate Tax Repeal and How it Affects You

New Jersey has repealed the Estate Tax law, which goes into effect as of January 01, 2018. Effective January 01, 2017, however, the exemption amount rises from $675,000 to $2,000,000. Prior to January 01, 2017, if you died in New Jersey and had assets over $675,000, your estate was subject to Estate Tax at a rate between 11% and 16%, depending on the size of your estate. This tax was applied regardless of who was inheriting your assets. Due to the repeal of Estate Tax, if you or a loved one dies on or after January 01, 2018, your estate will not pay Estate Taxes. However, it is important to keep in mind that while Estate Tax is being repealed, Inheritance Tax is not going anywhere. Inheritan

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