Legal Question in Wills and Trusts in New Jersey

Re: NJ Estate Tax - Deductions

Although I admire your willingness to administer this estate on your own, I strongly urge you to retain either an estate attorney, or an accountant who has specific expertise in New Jersey Estate Taxation. The question that you posted cannot be answered responsibly without a thorough knowledge of the facts in your situation.

The designation of beneficiaries as Class A pertains only to New Jersey Inheritance Tax liability, and is not a factor in estate tax calculation.

I wish you the best of success.

Re: NJ Estate Tax - Deductions

For starters, funeral expenses, debts and outstanding liabilities (like mortgages, credit card balances, utilities, final medical expenses, etc.). Also legal fees and Executor commissions may be deducted. I agree with Laura that a professional should assist you, and I offer my services as I have handled many hundreds of NJ and other estates over the years. An analysis needs to be made of assets, debts and expenses so reporting is done properly and possible taxes can be held to a minimium.