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New Jersey Inheritance Tax Rules

Exemptions from New Jersey Inheritance Tax

A decedent in New Jersey may leave personal property or real estate with no inheritance tax to his:

  • Spouse/Civil Union Partner
  • Domestic Partner
  • Children;
  • Stepchildren;
  • Grandchildren;
  • Parents;
  • Grandparents

An inheritance tax is paid on anything having a  value of over $500.00 which a resident New Jersey decedent leaves for someone who does not fall into one the categories mentioned above.  So a brother, sister, or niece or nephew who receives something valued at more than $500.00 would have to pay an inheritance tax within eight months of the date of death.

New Jersey Estate Tax is Separate from New Jersey Inheritance Tax

If a decedent leaves all of his property to people who are classified as exempt from the inheritance tax, there is no need to file the inheritance tax forms.  Remember though that the New Jersey estate tax is separate from the New Jersey inheritance tax and an estate tax return may still be required even in cases where there is no inheritance tax.

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