NJ Inheritance Tax Primer

Recently someone asked if there are taxes due when you die a resident of the State of New Jersey. New Jersey is one of a handful of states that have both an Inheritance Tax and a State Estate Tax. The Inheritance Tax is based upon who inherits your assets, whereas the Estate tax is based upon what you own when you die.

The closer you are to the bloodline of the deceased, the lower the Inheritance Tax. For example Class A beneficiaries are exempt from the inheritance tax.
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Defining a Trust

Oftentimes we are asked to define a Trust. I believe that Judge William Rhodes Hervey best described the essence of a Trust-

“It protects the living and serves the dead, befriends the widow and orphan, guides the aged, strengthens the weak, curbs the imprudent, represents the incompetent, advises the hesitant, plans for the inexperienced, encourages the timid, administers to charities, gratifies its claim to be an incorruptible friend. It is the best friend of many households, the repository of many confidences, the instrument to motivate the cherished plans of those who cannot live to do so.”
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August 2013

 

THANK YOU FOR 5 GREAT YEARS!

This September marks the 5th Anniversary of Garden State Trust Company. After a lot of hard work and patience we received approval on August 5, 2008 from the State of New Jersey to transact trust business and on September 8, 2008 we formally opened our doors for business in Toms River, New Jersey. And what an amazing 5 years it has been. We have grown from one office to two, with the opening of our Cherry Hill Office, added 6 new employees and now have almost $100 million in assets under administration. Definitely something to celebrate! Continue reading “August 2013”