New Jersey Estate Tax
As most of my estate planning clients are aware, I have been very cautious regarding whether or not New Jersey will keep a $2,000,000 estate tax exemption beyond 2017 or allow for a full repeal. However, it is worth noting that the front-runner for Governor, Phil Murphy, released part of his tax and spending plan today. See this article on NJ.com: http://www.nj.com/politics/index.ssf/2017/08/murphy_tax_plan_would_raise_13_billion_heres_whod.html
As part of the plan, he stated that he has NO intentions of re-introducing the estate tax. Accordingly, there is probably a good chance that the repeal of the New Jersey Estate Tax does become permanent. Only time will tell though.
