BY NIKKI DESHANE
As we grow older, it becomes our responsibility to make sure that our life savings and property smoothly transition into our familyâ€™s hands after passing. In New Jersey, this inheritance is not as simple as state residents would like, and itâ€™s forcing Jerseyans to search for alternative solutions.
A report released last week by the Regent Atlantic Capital claims that New Jersey lost a total income of $5.5 billion in 2010 as a result of nearly 88,000 tax payers leaving the state. About 20 percent of those who left moved to Pennsylvania, while the other 40 percent moved to Florida.
According to the dailyrecord.com, Governor Christieâ€™s two percent cap on tax increases will slow the growth of property taxes. This means New Jersey state income from gambling, liquor, general sales, and corporation taxes will allow for the states to recover from the economic recession. Although this is good news, residents are still concerned with passing their monetary assets onto living relatives.