Estate & Inheritance Tax Planning

Navigate NJ inheritance tax and federal estate planning with a licensed CPA.

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5.0 · 9 Google ReviewsNJ CPA Firm Lic. #20CB00789800

Estate and inheritance tax planning involves analyzing how assets will transfer at death and structuring your estate to minimize transfer taxes for your heirs. Monaco CPA provides NJ inheritance tax return preparation, federal estate tax analysis, and coordination with estate planning attorneys for NJ families and business owners.

New Jersey abolished its estate tax in 2018, but the NJ inheritance tax is still very much alive and can hit families hard when assets pass to siblings, in-laws, or non-family beneficiaries.

At Monaco CPA, I provide inheritance tax return preparation (Form IT-R), federal estate tax analysis, and coordination with estate attorneys to ensure the tax picture is handled correctly alongside the legal planning.

Whether you need the NJ inheritance tax return prepared after a loss, or are planning ahead to protect your heirs, I can help you understand your exposure and your options.

What's Included

NJ Form IT-R (inheritance tax return) preparation
Federal estate tax analysis and Form 706 support
Beneficiary classification analysis (Class A/C/D)
Asset inventory and valuation guidance
NJ inheritance tax waiver coordination
Federal gift tax planning (Form 709)
Coordination with estate planning attorneys
TCJA sunset planning (2026 federal exemption changes)
Trust income tax return preparation (Form 1041)
Entity succession planning for family businesses

How It Works

1

Review Estate Situation

I review the decedent's assets, beneficiaries, and estate documents to identify all applicable taxes.

2

Prepare Returns

I prepare NJ Form IT-R, federal Form 706 if applicable, and any required trust income tax returns.

3

Coordinate Waivers

I assist with the NJ tax waiver process to release holds on financial accounts and real estate transfers.

4

Plan Ahead

I analyze beneficiary designations, gifting strategies, and entity structures to reduce future transfer tax exposure.

Frequently Asked Questions

Did NJ repeal its estate tax?
Yes — New Jersey abolished its estate tax effective January 1, 2018. However, the NJ inheritance tax was not repealed and remains in full effect. Assets passing to Class C beneficiaries (siblings, in-laws) and Class D beneficiaries (friends, cousins) are subject to NJ inheritance tax.
Who is exempt from NJ inheritance tax?
Class A beneficiaries — spouses, children, grandchildren, and parents — are completely exempt from NJ inheritance tax, regardless of the amount inherited. Class E beneficiaries (qualifying charities) are also exempt.
When must the NJ inheritance tax return be filed?
NJ Form IT-R must be filed within 8 months of the decedent's date of death. Interest at 10% per year accrues on unpaid taxes from the date of death. Tax waivers are required to transfer most financial assets and real estate.
What is the 2025 federal estate tax exemption?
The federal estate and gift tax exemption is $13.99 million per individual in 2025. This amount is scheduled to revert to approximately $7 million in 2026 under the TCJA sunset — making 2025 a critical year for large-estate planning.
Does Monaco CPA prepare trust tax returns?
Yes. I prepare Form 1041 fiduciary income tax returns for trusts and estates, including complex trusts with investment income, capital gains, and K-1 issuance to beneficiaries.

Ready to Get Started?

Start your tax return or send a message to discuss how I can help.

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