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!

Klenk Law

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

What Our clients are saying

Klenk Law Logo
Stars

Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.

Klenk Law Logo
Stars

I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.

Klenk Law Logo
Stars

Mr. Klenk has been easy to work with. I am confident he has given me good advice whenever I have called upon him. He has shown good work ethic and depth of knowledge in preparation of estate, wills, and trusts that I have worked with him on.

Klenk Law Logo
Stars

Peter Klenk is an extraordinary attorney with positive guidance and knowledge for all of your Trust and Estate needs. We have used him for over 20 years.

Klenk Law Logo
Stars

I have worked with Peter Klenk & his associates for some time now and I have found them to be ultra-qualified, knowledgeable and diligent about their work. I highly recommend them.

Let us put our expertise to work for you.

Free consultation within 24 hours.