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Who is considered next of kin in NJ?

Therefore, under the statute of descent and distribution, next of kin in New Jersey are: Surviving spouse or domestic partner. Descendants. Parents.

Are siblings considered next of kin NJ?

Your next of kin relatives are your children, parents, and siblings, or other blood relations. Since next of kin describes a blood relative, a spouse doesnt fall into that definition. Still, if you have a surviving spouse, they are first in line to inherit your estate if you die without a will.

How much can you inherit without paying taxes in NJ?

The inheritance tax is imposed on a beneficiary that receives property valued at $500 or more. Therefore, if you receive something worth $499, you will not be required to pay any inheritance taxes. Life insurance is also exempt.

Is inherited money taxable in NJ?

New Jersey has had an Inheritance Tax since 1892, when a tax was imposed on property transferred from a deceased person to a beneficiary. Inheritance Tax is based on who specifically will receive or has received a decedents assets, and how much each beneficiary is entitled to receive.

Do children of the deceased pay inheritance tax in NJ?

Class A: includes the decedents spouse, civil union partner, child(ren), grandchild(ren), great-grandchild(ren), step-children, mother, father or grandparent(s). Bequests/distributions to Class A beneficiaries are exempt from New Jersey Inheritance Taxes.

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