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My uncle died recently and his estate (houses 2, car, investments, etc) is probably going to be valued at approximately $500,000.00.His wife predeseased him and he has no children His will leaves a sister-in-law and many nieces and nephews an equal share at 8%.Will there be any federal or state tax due on his estate before his beneficiaries are given their protion?
Optional Information: State/Country relating to question: New Jersey Already Tried: I have established an estate account in his name and I am trying to get all assets in this account.
Welcome! Thank you for your question.
Federal estate tax, no. The exemption for estate tax is 5.125 million this year.
New Jersey is a different story. New Jersey has two different possible taxes:
There will be a state and federal income tax return due for the year of death and tax will have to be paid on income that the deceased uncle and the estate received during 2012.
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What determines the rate a niece or nephew is charged?
Sorry for the delay in getting back to you. I was called away with a client for little bit.For nieces and nephews it is a progressive rate with the first $500 exempt.Here is how the rate works:
Experience: Over 14 years experience in Medicaid, Estates, Trust.