Understanding New Jersey Inheritance and Estate Tax

📝New Jersey inheritance and estate tax is a transfer tax based on the relationship between the decedent and beneficiary.

💼The executor or administrator is responsible for filing the tax return and acting as a liaison between the estate, financial institutions, and beneficiaries.

🏦Assets subject to inheritance tax include bank accounts, brokerage accounts, mutual funds, stocks, bonds, life insurance, real estate, and personal property.

📝New Jersey has its own inheritance tax, separate from federal estate tax. The estate tax was eliminated as of January 1, 2018.

⏰Transfers of assets within three years prior to death may be scrutinized for taxation purposes.

Who is responsible for filing the inheritance tax return?

—The executor or administrator of the estate is responsible for filing the inheritance tax return.

What assets are subject to inheritance tax?

—Assets subject to inheritance tax include bank accounts, brokerage accounts, mutual funds, stocks, bonds, life insurance, real estate, and personal property.

Is there a separate inheritance tax in New Jersey?

—Yes, New Jersey has its own inheritance tax, separate from federal estate tax.

When was the New Jersey estate tax eliminated?

—The New Jersey estate tax was eliminated as of January 1, 2018.

Are transfers of assets within three years prior to death taxable?

—Transfers of assets within three years prior to death may be scrutinized for taxation purposes.

00:02Introduction to Lisa Hanselman and her expertise in New Jersey inheritance and estate tax.

03:08Explanation of inheritance and estate tax as a transfer tax based on the relationship between the decedent and beneficiary.

08:11Role of the executor or administrator in filing the tax return and acting as a liaison.

12:12List of assets subject to inheritance tax, including bank accounts, real estate, and personal property.

14:39Information on debts and liabilities to be included in the estate.