Tuesday, January 8, 2019

The NJ Estate Tax was eliminated in 2018

The NJ Estate Tax was eliminated in 2018 although there is still an Inheritance Tax for money that is not going to spouse, children, grandchildren, etc
Federal Estate Tax for rich people
Generally, a decedent dying between Jan. 1 and Dec. 31, 2019, may be subject to an estate tax, with an applicable exclusion amount of $11,400,000 (increased from $11,180,000 in 2018)

 In 2019, the annual Federal gift tax exclusion is $15,000. 
As of January 1, 2019, the federal estate tax exemption amount will increased to $11.4 million, up from $11.18 million in 2018, and up from $5.49 million in 2017.

No comments: