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New York Estate Tax

New York State passed a new estate tax law, including a new exemption schedule, which became effective on April 1, 2014.

Currently the New York State estate tax exemption amount is

$3,125,000 for individuals dying between April 1, 2015 and March 31, 2016;

$4,187,500 for individuals dying between April 1, 2016 and March 31, 2017;

$5,250,000 for individuals dying between April 1, 2017 and December 31, 2018;

$5,900,000 for individuals dying during the calendar year 2019.

New York residents and non-residents with qualifying New York property (primarily real estate) are subject to New York estate tax.

Estate tax payments are due 9 months after date of death.  Extensions are available for filing the New York estate tax return.

New Jersey Estate Tax and Transfer Inheritance Tax

Estates of New Jersey residents and non-residents who own qualifying property located in New Jersey (mostly real estate) are potentially subject to two kinds of taxes at death.

Estates of New Jersey decedents valued in excess of $675,000.00 may be subject to New Jersey Estate Tax.  If estate tax is due, payment must be made within 9 months after the death of the decedent.

Estates of New Jersey decedents, whose beneficiaries are not direct lineal ancestors (parents, grandparents, etc.) or direct lineal descendants (children, grandchildren, etc,, or qualified charitable organizations may be subject to Transfer Inheritance Tax regardless of the size of the estate.  If Transfer Inheritance Tax is due, payment must be made within 8 months after the death of the decedent.