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 Credit Shelter Trust and Estate Taxes

Over the last few years, both New Jersey and federal estate tax laws have changed. Currently, a decedent’s estate only needs to pay federal estate tax if the gross value of the estate exceeds $5,490,000. In New Jersey, estates with a value in excess of $2,000,000 have to pay the state’s estate tax. As of January 1, 2018, the New Jersey estate tax will no longer be in effect.

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