Estate Planning in New Jersey

What it means in New Jersey:
Estate planning in New Jersey focuses on transferring assets efficiently, minimizing probate, and using state-specific tools like TOD deeds.

Key points:

• Governed by New Jersey statutes
• Applies to individuals at all asset levels
• Planning can reduce probate involvement

New Jersey-specific considerations:

• Transfer on Death (TOD) Deeds
  • New Jersey recently adopted the Uniform Real Property Transfer on Death Act
  • Allows property to pass outside probate if properly signed and recorded before the owner’s death
  • Ownership and control remain with the owner during life
• State Taxes
• New Jersey repealed its state estate tax for deaths on or after January 1, 2018
• Inheritance tax still applies depending on the beneficiary’s relationship to the deceased
• Federal estate tax may apply for high-value estates
• Federal Estate Tax Context

Whom it applies to:

• Residents planning to transfer property
• Property owners seeking probate avoidance
• Individuals managing complex estates