In 2013, only 19 states and the District of Columbia imposed inheritance or estates taxes on their residents. New Jersey is among one of the states that imposed such taxes. In fact, New Jersey has both an inheritance and an estate tax. As a result, you may have heard that some Garden State residents would rather live out their golden years elsewhere.
One only has to look at the numbers to see why. The current New Jersey estate tax exemption is $675,000, making it the lowest and most unfavorable in the nation. To put the New Jersey estate tax exemption in perspective, the current federal estate tax exemption is $5,340,000 and the current New York estate tax exemption is $2,062,500. But, unlike New Jersey, New York is taking steps to further reduce the discrepancy between New York and the federal exemption. To that end, New York will increase its exemption by slightly more than $1 million per year through 2017, meaning that New York’s exemption will match the federal exemption in 2019 and thereafter.
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