New Jersey Inheritance Tax: Who Pays and How to Plan Around It

Episode Summary: Attorney Tom D. Begley III sheds light on New Jersey's inheritance tax, distinguishing it from the repealed estate tax. He explains who pays the inheritance tax, the different classes of heirs, and the tax rates applicable. Discover how smart planning can reduce the tax burden and ensure a smoother transfer of assets to beneficiaries.

Key Timestamps:
00:00 – Introduction
01:30 – Difference between estate tax and inheritance tax
03:45 – Classes of heirs subject to inheritance tax
06:10 – Tax rates for different beneficiary classes
08:25 – Handling inheritance tax for exempt and non-exempt heirs
10:40 – Planning ahead to minimize inheritance tax
12:55 – Scenarios leading to unexpected inheritance tax bills
15:20 – Impact of joint accounts on inheritance tax
17:45 – Inheritance tax implications across state borders
19:10 – Ensuring documents are in order to avoid surprises and taxes

About the Show: The Estate Blueprint is a comprehensive resource for estate planning, elder law, special needs trust, and Medicaid planning. Attorney Tom D. Begley III brings over 35 years of expertise in helping families protect their assets and plan for the future. Visit bagley3law.com for valuable insights and guidance on securing your legacy.

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