It can be a struggle for the entire family when a loved one starts to…
When a person dies and leaves you some or all of their money and possessions, inheritance taxes will likely be due. Though collected in only six states, New Jersey is one of those states. Since settling an estate is very complex, there are many reasons why you will need the advice of Fairfield estate planning attorneys at Faloni & Associates.
Tax Payment Deadlines
If you inherit part or all of an estate, state law requires inheritance taxes be paid within a certain period of time before any assets of the estate will be distributed. In New Jersey, inheritance taxes are usually due within nine months after the person’s death. As for how these taxes are tabulated, they are based on the value of the taxable estate.
Relationship to the Deceased
In most situations involving inheritance taxes, the payment of the taxes is often linked to your relationship to the deceased. For example, if the deceased was your spouse, any property that is passed to you through the estate is exempt from inheritance taxes in New Jersey. In addition, if property is passed to children or grandchildren, New Jersey will not require the payment of any inheritance taxes.
Though it is relatively easy for most individuals in New Jersey regarding inheritance taxes, there are times when problems may arise upon the death of an individual. In most cases, this is when the will goes through the probate process. While most wills are uncontested, others may have family members or others choosing to oppose the contents of the document. When this happens, it will be crucial to work with an experienced and knowledgeable estate planning attorney to ensure your legal rights are protected.
If you believe you may owe inheritance taxes, schedule a consultation with Fairfield estate planning attorneys at Faloni & Associates to discuss your situation in greater detail.