New Jersey is one of the only states to have both an estate tax and inheritance tax. Currently, New Jersey has an estate tax rate of up to 16% on assets more than $675,000. Furthermore, New Jersey has an inheritance tax of 16% that applies to people other than spouses, children and parents. These taxes are in addition to the federal estate tax.
At least some New Jersey residents consider relocating due to estate planning considerations. Of note, New Jersey's wealthiest resident has relocated to Florida. David Tepper, a hedge fund manager worth approximately $10.6 billion, moved to Florida in October of 2015. Florida does not have an estate tax, nor does it have a state income tax. According to people familiar with Mr. Tepper, tax considerations were one factor for the move although not the only factor.