My own layman’s guide, born of my own experience and observations – Part 1

Everybody knows NJ has long been one of the most onerous states to die in, but on October 14, 2016, this began to change.*

First of all, only 18 states (plus DC) impose death taxes. Secondly, NJ is one of only two states with two layers of death taxes. (Maryland is the other.) Finally, until this year, NJ’s threshold for estate tax was only $675,000.

Now, for NJ residents dying between January 1, 2017 and December 31, 2017, the estate tax threshold has been raised to $2,000,000. Then, beginning January 1, 2018, it will be eliminated entirely. That’s right: Zero.

But before you get too excited, don’t forget: there are still 2 types of death taxes!