- Of Counsel
On October 14, 2016, Governor Chris Christie signed legislation raising the gas tax by 23 cents a gallon. As a part of that same legislation, the New Jersey estate tax will be phased out over the next fifteen months.
Under current law, and through the end of calendar year 2016, the threshold for the application of the New Jersey estate tax is $675,000. This means that if an individual dies in 2016 with a gross estate in excess of $675,000, his or her entire estate is subject to the New Jersey estate tax.
On January 1, 2017, the $675,000 New Jersey estate tax threshold will be replaced with an exclusion in the amount of $2,000,000 for estates of individuals dying during calendar year 2017. Estates with a gross value of $2,000,000 or less will not be subject to the New Jersey estate tax in 2017. There is a graduated estate tax of 8-16 percent on estates over $2,000,000. The New Jersey estate tax is eliminated for individuals dying on or after January 1, 2018.
The New Jersey inheritance tax remains intact. The inheritance tax generally applies to individuals who are not a spouse, lineal descendant or ascendant of the deceased person, and applies at rates ranging from 11-16 percent depending upon the degree of relationship to the deceased individual.
For more information, contact Valerie L. Howe, Esq., Director, Mason, Griffin & Pierson, P.C.
Trishka Waterbury Cecil, Deputy General Counsel for the League of Municipalities and Past President of the New Jersey Institute of Local Government Attorneys, will be giving a presentation about social media at the Institute's mid-year seminar "Legal Updates for New Jersey Attorneys," presented in conjunction with the League. The seminar will be held on June 8 at the Conference Center at Mercer County Community College on Old Trenton Road in West Windsor. For more information go to https://www.eventbrite.com/e/njilganjlm-mid-year-seminar-2019-tickets-61494725379.
The firm is a sponsor for the June 2nd and 9th Girls on the Run 5K races in Fair Haven and downtown Somerville, respectively. Girls on the Run is a program for girls in grades 3 through 8 where teams of girls work with coaches and volunteers who assist in teaching life skills through engaging lessons and running. Associate Attorney, Nicole Sciotto is a member of the Advisory Board of Girls on the Run, Central New Jersey chapter. For more information go to https://www.gotrcnj.org/.
Mason, Griffin & Pierson is proud to support the annual fundraiser for Montgomery Boy Scout Troop 46. The festivities include school bands, the Blawenberg Band and strawberry shortcake. The event will be held on June 2 at the lower campus of Montgomery Middle School. For more information go to http://troop46.org/.
Montgomery Township will celebrate Independence Day with family events and fireworks on June 27. For more information go to http://www.twp.montgomery.nj.us. Mason, Griffin & Pierson is proud to support the celebration.
Mason, Griffin & Pierson is proud to support the Borough of Highland Park fireworks celebration at Donaldson Park on July 3 (rain date July 7). For more information go to http://www.hpboro.com/.