Patricia K. Haddad, Esq., LLMConnell Foley LLP, Roseland
William J. Dorman, Auditor IIState of New Jersey, Department of the TreasuryDivision of Taxation Transfer Inheritance and Estate Tax
Gilbert M. Levine, Esq., CPA, LLMLevine DeSantis, LLC, Springfield
New Jersey Inheritance Tax can be a frightening proposition for your clients. According to some reports, inheritance taxes in the last fiscal year accounted for more than $500 million in revenue, up from $360 million in 2018. Sadly, some of this was due to the soar in deaths from the pandemic. Also, taxes on estates are being calculated as gains in the financial and real-estate markets this has also likely increased the size of inheritances during the health crisis.
What may even be scarier is that payment of the tax depends upon the decedent’s relationship to the person inheriting and a myriad of other rules and regulations. The estates of people who choose not to get married or have children will be penalized by paying inheritance taxes upon the decedent’s death. As an attorney, you should have a thorough understanding of how the tax can impact your clients, as well as how to plan for an estate which may not incur federal tax but will incur New Jersey Inheritance Tax.
Don’t be frightened by death taxes! Join us on Halloween and learn essential strategies, planning guides and drafting tips you need to know so that you can best deal with planning, estate administration and inheritance tax in your practice.
To Gift or Not to Gift
Crash Course in Estate Administration – from Procedures to Technicalities
How NJ Taxation varies from Federal Taxation;
Tax Lien Conundrum;
Who Absorbs Which Tax;
Amounts Reported vs. Amounts Distributed;
Minimizing Tax Examination Exposure;
Warranties for Seminars and Publications
NJSBA and NJICLE products are created by attorneys, doctors, dignitaries and other legal experts who volunteer their efforts to serve as lecturers and authors. We do not warrant the accuracy, reliability or currentness of the information contained in our programs (both live and electronic), handbooks and publications.