QUESTION
will i pay an inheritance tax in NJ as a beneficary of my mothers NY will
Asked on Oct 28th, 2014 on Estate Planning - New Jersey
More details to this question:
i will inherit approx $400,000 from my mothers estate in NY. Her estate in NY is not required to pay estate tax as the value does not exceed $5M.
1 ANSWER
2 Awards
In New Jersey you will only pay estate tax on any amount over $675,000 and inheritance tax if you are not a Class A beneficiary. You are a Class A beneficiary as a child of the decedent.
Answered on Oct 29th, 2014 at 6:11 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship