Investment News Reporter Liz Skinner has published an article comparing state estate taxes. Skinner’s recent interview with McManus & Associates Founding Principal John O. McManus revealed that New Jersey has one of the highest estate tax rates in the country, leading to the title of the piece, “Don’t Die in New Jersey.” From the story:
“New Jersey typically rises to among the highest levels of the least favorable places to pass away,” said John McManus, a tax attorney and founder of McManus & Associates. “And New York is not great.”
New Jersey begins taxing estates at $675,000 and has a maximum rate of 16%, in addition to a maximum 16% inheritance tax on beneficiaries who are not spouses or parents, or children or other lineal descendants. New York has a $1 million exemption for its estate tax, which also tops out at 16%.
To read how New Jersey stacks up against other states, check out the full article.