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Estate Planning Update – New Jersey to Repeal It’s Estate Tax

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Do you remember the New Jersey tourism slogan from the early eighties: “New Jersey and You, Perfect Together”? The message for vacationing in New Jersey meant: long white beaches, surf fishing, entertainment and amusements, and camping in the mountains. As New Jersey’s governor at the time said, “It’s a vacation in America the Beautiful….only smaller.” New tax law changes are taking affect making NJ and you even more Perfect Together.

On October 14th, a new law was established removing New Jersey from the top of the list as one of the worst states in which to die, which may give pause to many residents seeking to establish their domicile elsewhere. Those who die a New Jersey resident in 2017 will not be subject to the NJ estate tax unless their taxable estate is greater than $2,000,000. Beginning with deaths occurring on January 1, 2018, the NJ estate tax is repealed. Unfortunately, those who die in 2016 with estates exceeding $675,000 will remain subject to NJ estate tax.

At the foundation of the new law is the need to replenish New Jersey’s Transportation Trust Fund, which includes an increase of the gas tax by $.23 per gallon. This increase goes into effect next Tuesday, November 1st. The changes to New Jersey’s estate tax law are part of the compromise being made in exchange for the increased gas tax.

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In addition to those important changes above, here is a summary of other aspects of the bill.

  • NJ Inheritance Transfer Tax is not affected
  • Sales tax cut from 7% to 6.625% starting 1/1/18
  • Additional personal exemption of $3,000 for NJ veterans, if honorably discharged or released under honorable circumstances from active duty in the armed forces, a reserve, or the National Guard in a federal active duty status.
  • Increase to the NJ EITC benefit – total benefit equal to 35% of the federal EITC for tax years beginning with 2016. (EITC = Earned Income Tax Credit)
  • Increased NJ retirement income exclusion phased in over the next 4 years for NJ taxpayers aged 62 and over, with incomes of $100,000 or less:

If you would like to speak with us regarding financial planning or a free review of your investments you can contact us at Info@ChathamWealth.com or call us at (973) 885-7116

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A Week at the Library of The Chathams Monday, July 9 – Sunday, July 15, 2018

Please note that the library will be closed on Sundays now through Labor Day weekend

PROGRAMS AND EVENTS

Our summer program is in full swing.  This week we are starting some of our most popular children’s programs, Chess for Kids and sewing classes with Miss Polly.  Children will also enjoy a visit from a special guest, Queen Maria Isabella from Medieval Times.  Teens ...

Longtime Chatham Resident Passes the Torch to Current Residents

July 13, 2018

To the Editor,

I moved to Chatham from Ohio in 1961 and left just over a year or so ago. My daughters went through the school system and one of them still lives there with her son.

Clearly, we found the Library and local educational opportunities to our liking. 

When it came to giving back to the community, I chose to support the Library and served as a Board member for 15 ...

AtlantiCast

AtlantiCast: Episode 18

On this week’s AtlantiCast, you’ll find out how accessing care at Atlantic Health System is now easier, more affordable and closer to home than ever, learn which item from the produce aisle could be the newest weapon against cancer, see what Atlantic Health System, the New York Times and Instagram all have in common and much more.

 

 

Video: Point View's Petrides Talks Netflix's Cash Burn as Company Reports Earnings

July 16, 2018

Point View Wealth Management's Managing Director and Portfolio Manager, John Petrides, live on Cheddar.com discussing Netflix's earnings report and why the streaming service should dilute shareholders to plug its cash burn.

cheddar.com/videos/netflix-earnings-preview

​​​​​​For more than 25 years, Point View Wealth Management, Inc. has been ...

5 Simple Ways to Save Water this Summer

According to the L.A. Times, the average American uses an estimated 98 gallons of water EACH day.  

Here are five simple ways you can save water, to help you conserve water this summer and take some pressure off of your drains.

1. Unless you are using it, turn the faucet off. How many of us still leave the water running while we shave or brush our teeth?According to ...