By Heidi I. Hansen and Steven A. Loeb
Estate Tax Phase-out
Say goodbye to New Jersey Estate Taxes! A new law just signed by the governor phases-out the New Jersey estate tax. For decedents dying during 2017, the exclusion amount will be increased from $675,000 to $2 million. The new law also makes slight adjustments to the estate tax brackets for 2017. Decedents dying after December 31, 2017, will not have to pay any New Jersey estate tax. Note: The inheritance tax was unchanged by the new law and it remains in effect.