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New Jersey Inheritance Tax Form

New Jersey Inheritance Tax Form

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hello welcome to the Kenneth for camel office legal podcast this edition we look at New Jersey inheritance tax and the questions who pays the New Jersey inheritance tax in an estate well the will often has a clause saying who has to who has to pay if there's no will under the New York New Jersey tax laws the transfer inheritance tax is a beneficiary tax and is based upon who specifically receives a decedent's assets and how much each beneficiary received these so in New Jersey there is no inheritance tax if money's going to children the spouse grandchildren stepchildren parents if monies are going to brothers or sisters the first $25,000 is tax-free after that it's taxed at a rate of 11% if it's going to bonafide Charities then there is no tax but if it's going to people outside that area then they're typically called Class D beneficiaries have to pay a tax of 15% so the state has to look at okay who that the executor of the estat

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