Kenneth Vercammen is a Middlesex County Trial Attorney who has published 130 articles in national and New Jersey publications on Criminal Law, Probate, Estate and litigation topics.

He was awarded the NJ State State Bar Municipal Court Practitioner of the Year.

He lectures and handles criminal cases, Municipal Court, DWI, traffic and other litigation matters.

To schedule a confidential consultation, call us or New clients email us evenings and weekends via contact box www.njlaws.com.

Kenneth Vercammen & Associates, P.C,

2053 Woodbridge Avenue,

Edison, NJ 08817,

(732) 572-0500

Monday, April 10, 2023

Trusts to avoid probate and sometimes reduce NJ Estate Tax NJ

 

Trusts to avoid probate and sometimes reduce NJ Estate Tax

Chart shows the key rates that will change between 2004 and 2010.

2004

Applicable Exclusion Amount - 1.5 Million
Lowest Estate Tax Rate 45%
Highest Estate Tax Rate 48%
Lifetime Gifts Market Value Exemption - $1 Million
Lowest Gift Tax Rate 41%
Highest Gift Tax Rate 48%
GST Exemption Amount Allowable - $1.5 Millio
GST Transfer Tax Rate 48%

2005

Applicable Exclusion Amount - 1.5 Million
Lowest Estate Tax Rate 45%
Highest Estate Tax Rate 47%
Lifetime Gifts Market Value Exemption - $1 Million
Lowest Gift Tax Rate 41%
Highest Gift Tax Rate 47%
GST Exemption Amount Allowable - $1.5 Million
GST Transfer Tax Rate 47%

2006

Applicable Exclusion Amount - 2 Million
Lowest Estate Tax Rate 46%
Highest Estate Tax Rate 46%
Lifetime Gifts Market Value Exemption - $1 Million
Lowest Gift Tax Rate 41%
Highest Gift Tax Rate 46%
GST Exemption Amount Allowable - $2 Million
GST Transfer Tax Rate 46%

2007

Applicable Exclusion Amount - 2 Million
Lowest Estate Tax Rate 45%
Highest Estate Tax Rate 45%
Lifetime Gifts Market Value Exemption -$1 Million
Lowest Gift Tax Rate 41%
Highest Gift Tax Rate 45%
GST Exemption Amount Allowable - $2 Million
GST Transfer Tax Rate 45%

2008

Applicable Exclusion Amount - 2 Million
Lowest Estate Tax Rate 45%
Highest Estate Tax Rate 45%
Lifetime Gifts Market Value Exemption - $1 Million
Lowest Gift Tax Rate 41%
Highest Gift Tax Rate 45%
GST Exemption Amount Allowable - $2 Million
GST Transfer Tax Rate 45%

2009

Applicable Exclusion Amount - 3.5 Million
Lowest Estate Tax Rate 45%
Highest Estate Tax Rate 45%
Lifetime Gifts Market Value Exemption - $1 Million
Lowest Gift Tax Rate 41%
Highest Gift Tax Rate 45%
GST Exemption Amount Allowable - $3.5 Million
GST Transfer Tax Rate 45%

2010

Applicable Exclusion Amount - Repealed
Lowest Estate Tax Rate - Repealed
Highest Estate Tax Rate - Repealed
Lifetime Gifts Market Value Exemption - $1 Million
Lowest Gift Tax Rate 35%
Highest Gift Tax Rate 35%
GST Exemption Amount Allowable - Repealed
GST Transfer Tax Rate - Repealed

2011+

Applicable Exclusion Amount - 1.1 Million
Lowest Estate Tax Rate 41%
Highest Estate Tax Rate 55%
Lifetime Gifts Market Value Exemption - $1.1 Million
Lowest Gift Tax Rate 41%
Highest Gift Tax Rate 50%
GST Exemption Amount Allowable - $1.1 Million
GST Transfer Tax Rate 55%

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