Florida Estate Planning and Probate Law Blog focused on recent case law and planning ideas.

NEW JERSEY DISCUSSES ELIMINATION OF ITS ESTATE TAX

♠ Posted by Marc Soss in ,, at Tuesday, October 04, 2016
Recent reports indicate that the State of New Jersey will officially eliminate it's estate tax. The tax elimination will be offset by an increase in the both the gas and sales tax. The tax reform will also include a larger tax credit for the working poor, a tax cut on retirement income, and a tax exemption for veterans who have been honorably discharged. It is anticipated that the estate tax exemption will increase from $675,000 (its current exemption amount) to $2,000,000 effective January 1, 2017 and be phased out completely over the next few years.