- 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.
Priscilla will be supporting all areas of our practice, but particularly litigation and local government practice groups. Priscilla comes to MG&P from Ansell Grimm & Aaron PC where she concentrated her practice in Community Association Law and Litigation. Prior to joining Ansell, she handled insurance defense cases. Priscilla received a dual degree from Syracuse University’s Maxwell School of Citizenship and Public Affairs and her Juris Doctor from Seton Hall University School of Law.
It was great to see the girls running and the community cheering them on. The bi-annual 5K race is a celebration of the participants completing the Girls on the Run curriculum, a life-changing program for 3rd through 8th grade girls that focuses on self-confidence, healthy relationships and feeling good about themselves. MG&P has sponsored Girls on the Run of Central New Jersey for many years and are so pleased to be able to sponsor them again this Spring. Nicole M. Sciotto, Esq.
On June 23, 2022, Mason, Griffin & Pierson, PC, Director, Edwin W. Schmierer, Esq., moderated a panel discussion presented by Affordable Housing Professionals of New Jersey (AHPNJ) concerning the status of affordable housing delivery for the Third Round and preparation for the Fourth Round which commences July 1, 2025. Mr. Schmierer is the President of AHPNJ. The panelists included a representative from the Fair Share Housing Center, former Executive Director of the New Jersey Housing and Mortgage Finance Agency, the Chief of Multifamily Program for NJHMFA and a professional planner who has served as a Special Court Master in 40 plus municipalities for the implementation of Third Round Affordable Housing Plans. Mr. Schmierer chairs the firm's Government Practice Group which represents over 30 municipal governing bodies, land use board and affordable housing committees throughout the State of New Jersey.
On December 5, 2022, the MG&P team participating in an office lighting of luminaries to support the Communities of Light(tm). The Womanspace 21st Annual Communities of Light(tm) candles line the streets of central New Jersey - a powerful symbol of hope for men, women and children impacted by domestic violence, sexual assault, and human trafficking in our community. Communities of Light raises awareness of the services available to help those victims in Mercer County. The luminaries help spread the important message that Peace Begins at Home. Womanspace, Inc. is a leading nonprofit agency in Mercer County, New Jersey, that provides a comprehensive array of services to individuals and families impacted by domestic and sexual violence and dedicated to improving the quality of life for adults and their families. Programs include crisis intervention, emergency shelter, counseling, court advocacy and housing services.