BY KATHLEEN LYNN
STAFF WRITER |
THE RECORD
Peggy Sheahan Knee, an estate lawyer in Hackensack, often works with families that think they don’t have to worry about estate taxes because they don’t own all that much.
So they’re surprised to find that if the estate comes to more than $675,000, their executor is going to be writing a check to the state of New Jersey.
This tax should be raised to the federal exemption or get rid of it entirely. Attention should be brought to the inheritance tax which kicks in at a much lower rate.