By Ruth Raftery
The much discussed bill raising the New Jersey gas tax by 23 cents per gallon was signed by Governor Christie on Friday October 14th. Although not as widely publicized, the new law provides for another major change – the complete elimination of the New Jersey state estate tax.
Up to now, and for the remainder of 2016, New Jersey has the lowest estate tax exemption in the country, subjecting estates worth more than $675,000 to estate tax at the time of death. By way...
By Leo Matarazzo
Updated 7/30/2019. The Treasury Department recently issued proposed regulations targeting the use of discounts that reduce the value of a family-owned business and any other family controlled entity for estate and gift tax purposes, which lowers a taxpayer’s ultimate tax liability at death. Potentially millions of dollars of estate tax savings are at stake if these regulations are adopted so it is important to remain informed and proactive on the issue.