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Jersey Devil

(9,874 posts)
26. Death taxes are the reason they invented The Rule Against Perpetuities
Tue Oct 29, 2013, 03:49 PM
Oct 2013

"No interest is valid unless it must vest within lives in being plus 21 years from the creation of the interest." Unless, of course, there is an exception for the "Unborn Widow Rule" or the "Fertile Octogenarian Rule."

NJ looks scary on that map but you must know that there is no inheritance or estate tax for any surviving spouse, child or grandchild no matter what the amount. A billionaire would pay no death taxes whatsoever in NJ to his/her spouse or lineal descendants.

However, if there is no spouse or kids the taxes kick in heavy, usually 11-15% for inheritance taxes and another big chunk for estate taxes for estates over $675k.

So move somewhere else if you are giving your money to someone other than your spouse and kids. Otherwise forget it.

States You Shouldn't Be Caught Dead In [View all] question everything Oct 2013 OP
"Death Duties" Really? DURHAM D Oct 2013 #1
Yep, nice framing there. As soon as the IRS drags someone back from the dead petronius Oct 2013 #6
I think that that's handled by their super-secret "Supernatural Affairs" Division Proud Liberal Dem Oct 2013 #19
Why MFM008 Oct 2013 #2
I'm crying for the children of those millionaires who have to pay taxes. bravenak Oct 2013 #3
Yes, the guy who wrote this is a typical winger Warpy Oct 2013 #4
I was a major gifts officer for a nonprofit and I was blown away when a young staffer told me he CTyankee Oct 2013 #7
Indeed. Which is why I would have loved to see maps of quality of education question everything Oct 2013 #14
Heh Proud Liberal Dem Oct 2013 #20
So start circulating it Warpy Oct 2013 #21
I just might Proud Liberal Dem Oct 2013 #22
+1. You'd think that the "self-made", "pull yourself up by the bootstraps" right-wingers... YoungDemCA Oct 2013 #28
In my state, Minnesota, the inheritance tax kicks in at $1,000,000. The Velveteen Ocelot Oct 2013 #5
The map says Minnesota does not have an inheritance tax. DURHAM D Oct 2013 #8
You are correct, that was just sloppy nomenclature on my part. The Velveteen Ocelot Oct 2013 #11
Seriously, if your children are competent to run the family business or family farm... Hippo_Tron Oct 2013 #23
My only problem with inheritance and estate taxes... BluegrassStateBlues Oct 2013 #9
The estate tax is the most fair tax there is MillennialDem Oct 2013 #10
Fuckin PA Aldo Leopold Oct 2013 #12
Yes I believe they tax EVERY penny of inheritance here. DebJ Oct 2013 #24
Not over a certain limit, but any amount at all, but then, this is a Red State in local reps. DebJ Oct 2013 #25
So, states should cut their taxes to keep people with money from leaving? hedgehog Oct 2013 #13
Neither do I question everything Oct 2013 #15
Here is an alternative link: davidpdx Oct 2013 #16
We had to pay plenty when our parents died, and we're not in any of those states. DFW Oct 2013 #17
Inheritance taxes are about more than revenue Recursion Oct 2013 #18
Death taxes are the reason they invented The Rule Against Perpetuities Jersey Devil Oct 2013 #26
There are alternatives TexasBushwhacker Oct 2013 #27
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