NJ State Estate Tax
I am estimating that (assuming I don't screw-up), total assets when my wife & I both pass will be in the area of M$5.
Thanks to recent changes in the Federal Estate Tax appears our son is covered by the M$5.1 exemption - plus the A-B Trust that we have established effectively doubles this exemption.
I am trying to figure a way to reduce or eliminate the NJ State Estate Tax that will likely cost him somwhere in the vicinity of 10% of the total estate. Annual gifting of K$28 (total) doesn't help to reduce this tax burden significantly.
The NJ State Estate Tax exemption is ony K$675 or M$1.35 with an A-B Trust.
The only way out that I can figure is to move from NJ & establish residency in Florida or another state that does not have a state estate tax or inheritance tax.
I may be viewed as "crying with a loaf of bread on the table"......but leaving my son to pay ~K$500 to the state of NJ in estate tax doesn't appeal to me.
Is anyone in our forum facing or has faced a similar situation & figured a way to resolve or improve their situation ?
Open to any ideas/suggestions.