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While much has been written about the tremendous opportunity the current federal estate tax laws provide for individuals with assets over $5 million (including our August 2012 newsletter), little attention has been paid to individuals with estates of a lesser value who live in New Jersey. If you are one of those people, congratulations, New Jersey has the worst state estate tax regime in the country. Our great state not only has one onerous death tax, but two – the New Jersey Estate Tax and the New Jersey Inheritance Tax.

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