- 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.
Michael Rosenberg will be honored at the thirteenth annual New Jersey Golf Foundation Golf Classic on August 12 at the Baltusrol Golf Club in Springfield, New Jersey. Mason, Griffin & Pierson is pleased to be a sponsor of the event. The Foundation is the charitable arm of the New Jersey Section, PGA of America and was created to positively impact lives and communities through the game of golf. For more information go to www.njgolffoundation.org.
Girls on the Run (GOTR) of Central New Jersey is hosting a “Family Fun Night” at Somerset Patriots Baseball Stadium in Bridgewater, New Jersey on Friday, September 20 starting at 7:05 PM. As a thank you and in recognition of its generous support over the years, Mason, Griffin & Pierson will be included in the GOTR suite at the event. GOTR is a 10 week program in the fall and spring for girls in grades 3 through 8 to help girls successfully navigate adolescence. The Girls on the Run curriculum combines training for a GOTR 5K running event with lessons that inspire girls to become independent thinkers, enhance their problem solving skills and make healthy decisions. GOTR of Central New Jersey serves Middlesex, Monmouth, Ocean, Camden and Somerset Counties. Associate Attorney, Nicole Sciotto is a member of the Advisory Board of Girls on the Run, Central New Jersey. For more information go to www.GOTRCNJ.org and to purchase tickets please visit www.somersetpatriots.com/tickets/groupportal; click “Group Portal Login” and enter group password “GOTR19”.
The firm is pleased to support "An Evening of Hope" on Thursday, September 12 at the Riverside Ballroom at the Lambertville Station Inn in Lambertville, New Jersey. The fundraiser honors community leaders, Steve and Christine Little. The event will raise funds to help foster safety, empowerment and healing for survivors of domestic and sexual violence. For more information go to https://safeinhunterdon.org/.