My question involves estate proceedings in the state of: NY/NJ
Person A will be getting an inheritance of just over $1m. The decedent is in NY and has never owned property in NJ. Person A lives in NJ.
The estate is valued at over $5m. Person A and Person B will be getting the same amount of money left to them. Person C will be getting money too, but not as much. Institution X will be getting the bulk of the estate.
1. What is Person A's tax liability (state and federal) if any, and in which state would Person A have to pay taxes?
2. If taxes need to be paid, are they paid based on the total amount of the estate or on the inheritance amount only?