Gary R. Botwinick quoted
As seen in NJ.com, November 4, 2018
The dreaded New Jersey inheritance tax: How it works, who pays and how to avoid it
New Jersey finally eliminated its estate tax, but so far, the state is hanging on to the inheritance tax.
That’s because it brings lots of revenue to the state’s coffers.
For fiscal year 2017, the most recent data available, New Jersey collected $354.58 million from the inheritance tax, according to the Division of Taxation.
The state received 6,059 inheritance tax returns that year, of which 4,446 were taxable, the division said. On average, that’s a cost of $79,752 per taxee.
We’re going to explain exactly how the tax works, who is subject to the tax and what strategies you can use to avoid it.
Let’s get started.
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