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New Jersey Repeals Estate TaxNew Jersey Repeals Estate Tax

New law signed on Oct. 14

Joseph C. Mahon, Partner

October 21, 2016

1 Min Read
Chris christie

Following up on my prior article, New Jersey has proceeded to repeal its estate tax. The legislature approved the repeal on Oct. 7, and Governor Chris Christie signed the act into law on Oct. 14. The new legislation is P.L. 2016, Ch. 57.

Under the new statute, the New Jersey estate tax exemption will be $2 million during the year 2017, and it will be repealed beginning in 2018. The New Jersey inheritance tax, which applies to inheritances received by non-family members, remains in effect.

 

About the Author

Joseph C. Mahon

Partner, Frankfurt Kurnit Klein & Selz PC

Joseph C. Mahon is a partner in the Estate Planning and Administration Group of Frankfurt Kurnit Klein & Selz PC in New York. Mr. Mahon advises high net-worth individuals, including corporate executives and business and real estate owners, assisting clients in identifying and implementing their estate planning goals. Mr. Mahon has prepared estate plans and administered estates with assets ranging from modest levels to amounts in excess of $100 million.Mr. Mahon has lectured frequently on estate planning for The New York City Bar, the New Jersey Institute for Continuing Legal Education, the New Jersey Society of Certified Public Accountants, the Princeton Bar Association, and other organizations.
 

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