Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

No New Jersey Estate Tax on Life Insurance

Posted on Fri Sep 9, 2016, on Probate and Estate Administration

From Our “Ask a Question” Mailbag: No New Jersey Estate Tax on Life Insurance

Most Recently Updated August 9, 2018.

“My father at his death gave my brother, and I equal amounts.  My brother got life insurance and was named TOD beneficiary of a bank account.  I got everything under the Will including the house and remaining cash.  The Will says the residue pays all taxes.  Do we split the New Jersey Estate Tax on what my brother received outside the Will?”

No New Jersey Estate Tax on Life Insurance

The New Jersey Estate Tax was a transfer tax on all assets your loved one owned at death.  Pennsylvania exempts life insurance, but New Jersey did not.  However, lawmakers came to an agreement and eliminated estate tax altogether. This was done in an effort to keep money in the State of New Jersey. 

More Planning Questions?

The elimination of the New Jersey estate tax and proper planning is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: No New Jersey Estate Tax on Life Insurance

I hope that this article was helpful in explaining tax free life insurance. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags:

Amy Besser, Beneficiary, Estate Administration, Estate Tax, Inheritance, Inheritance Tax, Life Insurance, New Jersey, Probate, Probate Attorney, Probate Lawyer, Wills

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Qiana Wright

Great friendly staff

Klenk Law Logo
Stars

Sharon A.

We recently used Peter's firm to update our wills and trusts. We found he and his staff to be well-informed, professional and highly efficient. And equally valuable, Peter explains the law in terms that a layperson can readily understand.

Klenk Law Logo
Stars

Nafeesha. B

When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...

Klenk Law Logo
Stars

Tom Mettinger Sr.

Integrity, exceeding the client's expectations. In-depth knowledge of the law

Klenk Law Logo
Stars

MJG

Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.

Let us put our expertise to work for you.

Free consultation within 24 hours.