As a fan of the works of Author Terry Pratchett, in particular Going Postal and Making Money, I got a chuckle out of this story in the New York Times. As some of you are aware, Terry Pratchett died in 2015. One of his last wishes was that all of his unpublished works be destroyed by […]
From time to time, people ask me about trustee and executor commissions in New Jersey. Because it is a bit complex, I have broken it down into two posts and I will focus on administrator and executor commissions today. To start, a Will can specifically provide for an executor’s commission. In that absence of expressly authorizing a […]
Everybody knows that good credit is important for receiving favorable financing terms when buying a car or a house. Let me give you another reason to keep your credit up: the ability to act as administrator of the estate of parent or loved one. When a person passes away without a Will, the closest next […]
The issue of calculating PA Executor Fees (which apply to an executor, executrix, administrator or personal representative) in estate cases is interesting because there is in fact no hard and fast rule about how such fees are to be calculated. Therefore no sure way to know what you can expect to see in the accounting […]
Some states, including New Jersey and Pennsylvania, have an inheritance tax. Other states, like Florida and New York, do not have an inheritance tax. An inheritance tax is a tax on the person who receives money from a decedent. The inheritance tax rate itself depends upon the relationship between the person receiving the money and […]
New Jersey has many different types of taxes, including two different taxes on death: the NJ Estate Tax and the NJ inheritance tax. The New Jersey estate tax is a tax on transfers at death and certain transfers in contemplation of death. Transfers to charities, a surviving spouse or a surviving Civil Union partner are exempt […]
Sometimes there is no preventing an estate litigation. When a family member steals items from the estate, or when the Will is poorly drafting making it confusing, litigation is sure to follow. However, most good estate attorneys will tell you, one of the biggest reasons that unnecessary litigation results is due to family members not […]
To determine who gets your money (Naming beneficiaries) To determine guardianship (Saying who will take care of you children) To determine who controls the money (Naming of executors and trustees) To minimize estate or inheritance taxes To avoid the cost of an insurance bond (If you do not allow for an executor or administrator to […]