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Estate Closure Should be Completed by an Experienced Lawyer

estate administration New JerseyIn accordance with the law, an estate is responsible for paying the following with the assets from an estate:

  • Expenses for the decedent’s funeral;
  • Administration expenses, which includes legal fees, probate fees, and appraisals among others;
  • Money owed to the government such as estate and income taxes; and
  • Real property taxes that were accrued prior to the decedent’s death.

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New Jersey Estate Tax

In New Jersey, any estate larger than $675,000 is subject to the New Jersey Estate Tax.

A New Jersey estate tax return, Form IT Estate, must be filed if the decedent’s gross estate plus adjusted taxable gifts exceeds $675,000 within 9 months of date of death. The New Jersey estate tax is either the maximum credit for state inheritance, estate, succession or legacy taxes allowable under the provisions of the Internal Revenue Code in effect on December 31, 2001 (this is called the “Form 706 Method”), or an amount determined pursuant to the Simplified Tax System prescribed by the Director, Division of Taxation (this is called the “Simplified Form Method”).

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