Step Aside, Sunshine State: New Jersey's New Estate-Tax Law Lifts State's Retirement Appeal

For many contemplating retirement locations, Florida frequently comes to mind as an appealing place to spend the remainder of these earthly days. However, another state just got a bit more appealing, if a cold winter is not a deterrent.

On October 14, a new law was established in New Jersey allowing residents to be exempt from the estate tax unless their taxable estate is worth more than $2,000,000. This new law removed New Jersey from the top of the list as one of (if not the) worst states to die in, and in 2018, the estate tax in New Jersey will be removed all together.

Trump Vs. Hillary On Estate Taxes

Hillary Clinton and Donald Trump differ heavily on the issue of estate taxes. Trump looks to repeal the tax, calling it "a disaster" and "double taxation."

"Secretary Clinton has urged to go in another direction regarding the gift and estate tax. Restoring the rates that used to exist for the gift and estate tax, which I think is sensible," economist James M. Stone told Benzinga in an exclusive interview last month.

The new law will make New Jersey a much more attractive retirement destination barring the tax doesn't get repealed altogether.

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