An executive order from Governor Phil Murphy now means that municipalities can update their property tax payment deadline from May 1st to June 1st. According to research completed by The Tax Foundation, The Garden State is actually home to the highest mean effective property tax in the entire country at 2.21%.
This gives homeowners in New Jersey a little bit of breathing room in their taxes. Now is a really good time to evaluate your current tax obligations across the board.
Do you have appropriate tax planning strategies in place to protect your estate as well as taking into consideration the possibility of needing long term care in the future? Schedule a consultation with an experienced New Jersey estate planning lawyer if you have more questions about the best way to protect your interests.
Do you have planning in place for what will happen to your property if something happens to you? Do you own other real property either in New Jersey or in a different state? You need to plan for this as part of your asset transfer strategy.
Tax strategy planning can go a long way in helping you to avoid problems and potential disputes down the line. When your estate enters the probate process, the work you’ve already done in terms of planning will help your family members during this difficult time and ensure a smooth transfer of your property using the tools you’ve already outlined.
Schedule a consultation with a lawyer who is very familiar with state and federal taxes and how they fit into the bigger picture of your estate plan.