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 NJ Form 630 Application for Extension of Time to File NJ Gross 2016

2016-2025 Form

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hello and welcome to the Kenneth Ram Law Office legal podcast in this Edition we are looking at the New Jersey estate tax because uh many people are not aware that in New Jersey there's an estate tax when the estate typically exceeds $675,000 for the purpose of the Federal Government it was increased in 2015 to $5.4 million so many people figure well there's nothing that I have to worry about but there is something to have to worry about because uh there's no tax in New Jersey if it's going to spouse but unless the second spouse is going to live forever any amount over $675,000 would be taxed so uh an easy thing to do is to uh have an irrevocable trust setup where monies are transferred um by one spouse or by both spouses and that spouse can't be the trustee and if there is no um no estate over 675 because the money's go outside the estate then there would not be a New Jersey inheritance tax it is something that is not easy to do that&

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