Form NJ-ETR:

  • A New Jersey Estate tax return must be filed if the decedent’s gross estate plus adjusted taxable gifts exceeds $675,000.
  • The tax return must be filed within nine months of the decedent’s death.
  • The NJ Estate Tax is in addition to any NJ Inheritance Tax.

 

Assets owned at death that are included in the Gross Estate value:

  • Real estate in New Jersey
  • Bank accounts and certificates of deposit
  • Investment accounts and securities
  • Vehicles and other items of personal property
  • Proceeds from insurance policies on your life, if decedent owned the policy
  • Retirement account funds
  • Small business interests (sole proprietorship, limited liability company, or small corporation)
  • Taxable gifts decedent made during life (more than the federal gift tax annual exclusion amount, currently $14,000 per year per recipient).
  • Proceeds of any life insurance policy decedent transferred to an irrevocable life insurance trust within three years before death.

 

Property left to your spouse or civil union partner is exempt from state estate tax, no matter what the amount.

If you have assets such as bank accounts in joint names, or bank accounts payable upon death, these go directly to the beneficiary.