INHERITANCE TAX

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This tax is at 37% in New Jersey. That's ridiculous!! Does anybody know how an elder person can put away money (other than in a bank account) for the youngins and to where they don't have to give up 37% (! !!) to the gov. Thanks

Could buy gold or silver bullion coins, and distribute them to the recipients at regular intervals. I don't think there's any tax on silver "rounds" in the USA, so it's probably quite feasible(in the UK there's 20% VAT purchase price on silver coins).

Inheritance tax over here is 40% on anything in an estate valued over £325,000 (about $500,000). If governments applied a more realistic (ie higher) level of income tax, there might be less need for inheritance tax and the like, but that is not a popular opinion on either side of the Atlantic (and a topic for a different forum, I suspect).

TODs [Transfer On Death] where what my financial person told me about, that bypasses inheritance.

I think it varies state to state,at one time here there was no tax if it was under a hundred thousand.That may not be accurate now.

Check with a lawyer that does estate planning. In most states, an estate has to be worth quite a bit of money before there is any inheritance tax liability. The IRS threshold for federal estate tax was around $750,000 the last time I looked, and in the state where where I live, it's $1 million for state tax. Anything under the threshold is tax exempt.

It is best to have them give before they die. Not only do you not get taxed like that, but they can also appreciate giving something to you, which is something they cannot do when they are dead.