New Jersey’s notoriously high inheritance and estate taxes recently earned our state a spot on Forbes magazine’s list of places “not to die” in the United States. And the situation is about to go from bad to worse. New York recently passed a law that will significantly raise its estate tax exemption amount. To prevent retirees’ migration across the Hudson River and elsewhere across the nation, New Jersey must seriously consider curtailing its estate tax.
By way of background, the federal government now imposes estate tax only upon those estates the value of which exceeds $5.34 million. With respect to the estate tax, states can generally be placed into one of three categories: (i) 32 states have no estate tax; (ii) several have an estate tax, but offer an exemption amount that corresponds to the federal exemption amount; and (iii) a few states have an estate tax with a exemption amount significantly lower than the federal exemption amount.
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