- 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.
The firm is pleased to be a sponsor of the Big Brothers Big Sisters Mercer Annual Golf Classic. The May 20th fundraiser is at Cherry Valley Country Club in Skillman, New Jersey. Big Brothers Big Sisters provides children facing adversity with strong and enduring, one-on-one relationships. For more information go to bbbsmercer.org.
Mason, Griffin & Pierson is a supporter of the May 3rd Corner House Foundation Spring Benefit. The event is at the Mercer Lake Boathouse and honors Lance Liverman. Corner House Foundation supports the mission of Corner House Behavioral Health. Corner House addresses issues of alcohol and drug abuse through prevention, treatment, and outreach programs. See cornerhousenj.org for more information.
On Saturday May 4 (rain date May 5), the Township of Harrison hosts its annual family entertainment event taking place on Main Street in Mullica Hill, New Jersey. Mason, Griffin & Pierson is a sponsor. For more information go to visitnj.org.
Mason, Griffin & Pierson is a sponsor of the May 11th "Home Springs Eternal" Gala. The event will raise funds for the construction of approximately twenty new affordable rental homes in Princeton. The event will be held at the Mercer Lake Boathouse in West Windsor. See www.pchhomes.org for more information.
Mason, Griffin & Pierson is a sponsor of Montgomery Rocky-Hill Rotary Club's annual community charity event, Run With Rotary. The event takes place in Skillman Park, Skillman, New Jersey. The day begins with a 5K road race and one-mile walk/ramble followed by a free "Earth Day Fair." Register online at runwithrotary.org.
Mason, Griffin & Pierson is a sponsor for the May 23 Womanspace "Barbara Boggs Sigmund Award" dinner and fundraising event honoring Tony Porter, CEO of A Call To Men, for his efforts to prevent violence against women. Womanspace is a nonprofit organization that provides counseling and housing for women and their families who are impacted by family violence. Firm Director, Edwin Schmierer is a member of the Board of Trustees of Womanspace. For more information go to womanspace.org.