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New Jersey Estate Tax Return is Due on Decedent’s Date of Death

How could anyone possibly compute and pay an estate tax on the date of a person’s death? While the law in New Jersey states that an estate tax return is due on the date of the decedent’s death, one actually has nine months from the date of death to complete and file the return.

Estate Tax Return Laws in New Jersey

Any New Jersey resident decedent who has a gross estate valued at more than $675,000.00 must file a New Jersey estate tax return.  New Jersey also requires a copy of any Federal Estate tax return filed by the estate.

Penalties Incurred for Not Timely Paying Estate Tax

If the estate tax return is not filed within nine months from the date of death, the estate will be penalized by paying an interest rate of 10% per annum from the end of the nine month period until the date of payment.  Similar to filing income tax returns, an estate may be granted an extension to file the actual return document, but payment must be made within the nine month period in order to avoid a penalty.

New Jersey Estate administration laws are complex.  Experienced New Jersey Estate Planning Attorney Elga Goodman can help you create a plan to protect the ones you love.  Contact us today at 973-841-5111.

Posted in: Estate Planning