This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #2467.
The New Jersey estate tax will be phased out. The New Jersey estate tax exemption, presently $675,000, the lowest in the country, will increase to $2 million after January 1, 2017 and will then be eliminated after January 1, 2018.
What does this mean for those living in New Jersey? What changes to planning and documents might be advisable to consider for New Jersey (and in some cases other state, such as New York) domiciliaries? What will it mean for those that use to live in New Jersey but “changed” their domicile to a no-tax state? What might this repeal mean to those living in nearby states that have an estate tax (e.g., New York)? What changes to planning and documents might be advisable to consider?
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