New Jersey Estate Tax Changes
The New Jersey Estate Tax is scheduled to be phased out in two parts.
New Jersey will no longer impose an Estate Tax for individuals who die on or after January 1, 2018.
No Estate Tax return will be required.
On January 1, 2017, the New Jersey Estate Tax exemption increased from $675,000 to $2 million.
The Estate Tax exemption is the amount of property that can be transferred before a New Jersey Estate Tax liability is incurred.
This means that individuals who die on or after January 1, 2017, can leave up to a $2 million estate to their heirs without being subject to any New Jersey Estate Tax.
See Estate Tax Filing Requirements for more information regarding the 2017 Estate Tax changes.