Death Taxes

Death Taxes

The Federal Estate Tax exemption has been increased to over $11,000,000 and is now “portable”. That is a surviving spouse may utilize the exemption amount of a deceased spouse as well as their own exemption. The New Jersey Estate Tax has been repealed. Notwithstanding these cases, there are still tax issues upon death. The first is that there is a New Jersey Inheritance Tax which can be 16%. There are still adverse Federal Estate Tax Consequences for funds inherited by a spouse if that spouse is not a U.S. citizen. In addition to the death tax consequences, there are substantial income tax planning opportunities when a person dies through use of the “step-up in basis of assets. This step-up can avoid future capital gain when assets are later sold. Call us for an appointment to discuss these planning measures.

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