There are many reasons to create a Will. Overall, it makes it must easier and cheaper to handle your affairs after you pass away. Here are some specific reasons for a Will: General Benefits of Having a Will It ensures a clear WRITTEN clear plan for the distribution of assets after your death. Provides proof of […]
I am happy to announce that we have finally finished creating a series of short videos regarding the estate planning and estate administration process. Here is our second video in which Elizabeth Ketterson, Esq., the Director of our estate administration department, is being interviewed by Kevin A. Pollock, Esq., LL.M. regarding the first things a […]
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 […]
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 […]
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 […]
Many estate planning commentators have joked that estate tax portability will lead to rich individuals marrying others simply to make use of their estate tax exemption. — I have found, in practice, that planning can be far more complicated. Let me take you through a common situation that I am dealing with: I represent a […]
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 […]
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 […]
I am in the midst of one my of my more difficult estate administrations in New York, and I thought it would be worthwhile to remind everyone how important it can be to set up a revocable trust in situations where you are leaving your estate to someone other than your next of kin. In the matter […]