NJ Has Finally Released 2017 Estate Tax Return and Calculator
As I know many of you have been waiting anxiously, I wanted to make sure that you are aware that the New Jersey Division of Taxation has finally released the 2017 Estate Tax Return form. They have also released an estate tax calculator so that we can accurately prepare the return. The NJ 2017 Estate Tax […]
Social Security After Death
One of the first questions we are asked is “do I have to do anything about Social Security”? Here are some important things to know if a decedent was receiving SSA benefits at the time of passing: Reporting Normally the funeral director will contact Social Security to report a person’s death if you give them […]
Requirement of Executors to Report Basis of Assets When Administering an Estate – FollowUp
The IRS has released new regulations that have extended the due date for filing Form 8971 to March 31, 2016. Executors and administrators of estates that are required to file a federal Form 706 Estate Tax Return are now also required to file Form 8971 and report the basis of the assets included in the […]
IRS Releases Form 8971 – Executors Now Required to Report Basis of Assets When Administering Estate
For many years the IRS and beneficiaries of estates had a problem figuring out how much gain should be imposed on an inherited asset because the beneficiaries did not know the basis. The IRS did not like the fact that frequently the value reported by an Executor was not the value reported by a beneficiary […]
Trouble with Probate
Sometimes probate can be a simple process. Sometimes it can be a royal nightmare… and sometimes it can be an expensive royal nightmare. I’m not sure if it is a sign of the times or just a coincidence, but our office has had numerous estates where the probate has not been very easy. To give […]
Update to Executor’s Commissions in NJ
Back in March of 2014, I wrote a lengthy post about how to Calculate an Executor’s Commissions in New Jersey. Frankly, most of the executors I work with don’t want a commission. However, I recently came across an interesting situation where an executor wanted a commission and the decedent had substantial joint survivorship accounts with […]
Executor Commissions: Calculating in New Jersey
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 […]
Right to Name Guardian for Minor Children When Parents are Separated or Divorced
I was discussing the affect of a divorcee naming a guardian for minor children in a Will with a few colleagues the other day and I thought I would share some of our findings. When there is a custody dispute between a natural parent and a third party, the law regarding who has custody of the child […]
Choosing an Executor, Trustee and Guardian
Clients frequently ask me for advice on who they should name as Executor, Trustee or Guardian when creating their Last Will and Testament. First, let me explain the difference between the three roles. The Executor The Executor is the person who probates your Will, goes into your house and looks through all your things, safeguards […]