Transcription of INTRODUCTION NEW JERSEY TRANSFER …
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INTRODUCTION NEW JERSEY TRANSFER …
INTRODUCTIONNEW JERSEY TRANSFER inheritance TAX - ESTATE TAXGENERALNew JERSEY has had a TRANSFER inheritance Tax since 1892 when a 5% tax was imposed on property transferred from a decedentto a beneficiary. Currently, the law imposes a graduated TRANSFER inheritance Tax ranging from 11% to 16% on the TRANSFER of real andpersonal property with a value of $ or more to certain TRANSFER inheritance Tax recognizes five beneficiaryclasses, as follows:Class A - Father, mother, grandparents, spouse, child or childrenof the decedent, adopted child or children of the decedent, issue ofany child or legally adopted child of the decedent and step-child ofthe B - Eliminated by statute effective July 1, C - Brother or sister of the decedent, including half brotherand half sister, wife or widow of a son of the decedent, or husbandor widower of a daughter of the D - Every other transferee, dist
INTRODUCTION NEW JERSEY TRANSFER INHERITANCE TAX - ESTATE TAX GENERAL New Jersey has had a Transfer Inheritance Tax since 1892 when a 5% tax was imposed on property transferred from a decedent
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