estate tax in NJ

Submitted by Douglas Bauerband on Tue, 2013-11-12 17:10

Have client who is 90 and net worth is approx. 764k (she is not doing well)

Am I correct in telling my client, if she gifts 14k to 7 of her family members this year then her estate would be under the 675k threshold in NJ and her heirs will not pay any NJ inheritance or estate tax?

or

can NJ come back and say that the gifts don’t count and will be added back in the estate value, if she passes in 2014?

Thank you,
Douglas



Submitted by Bruce Steiner on Wed, 2013-11-13 00:13

You are correct.  Make sure to give away high basis assets since the low basis assets will get a basis step-up at her death. Bruce Steiner, attorney, NYC, also admitted in NJ and FL



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