NJ Tax Stop: Impact Of Retained Rights On Inheritance Tax

Law360 (September 23, 2019, 4:27 PM EDT) -- New Jersey residents have enjoyed the benefit of the repeal of the New Jersey estate tax since Jan. 1, 2018. However, New Jersey maintains its inheritance tax, which is a tax "upon the transfer of property, real or personal, of the value of $500 or over, or of any interest therein or income therefrom, in trust or otherwise, to or for the use of any transferee, distribute or beneficiary" at the death of the transferor.[1]

This tax generally applies when such property or interest is transferred by will, pursuant to intestate laws, or "by deed, grant, bargain, sale or gift made...

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