Nj inheritance tax how to#

How To Avoid Inheritance Tax In New Jersey Fortunately, there are ways to help minimize the potential impact of this tax. Many people are not even aware of this tax until it is assessed. Rather, taxes are simply assessed at a rate of up to 16 percent based on who the assets are left to. However, this tax does not discriminate based on an individual’s wealth. The inheritance tax in New Jersey only affects a small percentage of estates. We will thoroughly review your situation to help identify opportunities to minimize your estate’s tax burdens. Since 1975, the Ridgewood inheritance and estate tax lawyers at the law firm of The Manna Helmy Law Group have been helping meet the estate planning needs of individuals throughout New Jersey and New York. Fortunately, there are a number of estate planning tools that may be used, which can help reduce or eliminate these significant tax liabilities. This can result in a significant burden for the heirs of your estate if over $675,000, especially if you leave assets to brothers, sisters, nieces, nephews and friends.

This is due to the fact that estates are subject to an inheritance tax and an estate tax. The state of New Jersey is the number one most expensive state in the country to die. Attorneys Who Can Help With Inheritance and Estate Taxes in New Jersey and New York