- 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.
Ms. Zuckerman is an experienced employment attorney who has settled and litigated employee cases in virtually all areas of the practice. The Princeton Adult School offers life-long learning opportunities to residents of the greater Princeton area. Offering a wide range of in-class and on-line courses to meet the learning interests and needs of the area’s diverse adult community in pursuing intellectual growth, workplace skills, job opportunities, and personal and civic well-being in a convenient and enjoyable education experience. To learn more about the Princeton Adult school, please visit www.princetonadultschool.org
Sharon Dragan, a Director with the Firm, has recently been elected to serve as Secretary for the NJ Institute of Local Government Attorneys in 2021. For more information about the NJILGA, see
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