Everything You Want to Know About Ancillary Probate in NJ

Ancillary Probate in NJ | The Pollock Firm LLC

If you have a loved one who died outside of New Jersey, but they owned real property in New Jersey, what do you do? The answer is to conduct an Ancillary Probate in NJ.

Generally, this means you will conduct a second probate action in New Jersey after you have done one in the state (or country) where the Decedent was domiciled.

Estate Administration and Bad Credit

Estate Administration and Bad Credit | The Pollock Firm LLC

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 – Estate Administration and Bad Credit can cause serious problems. Generally, if you have bad credit, you will NOT be allowed to act as the administrator of the estate of parent or loved one.

When a person passes away without a Will, the closest next of kin can petition the Court to act as Administrator for the decedent’s estate. The Court will usually agree to let the next of kin act as Administrator provided that they agree to pay for a Surety Bond. A Surety Bond (also frequently called a Probate Bond) is basically an insurance policy that provides the intestate beneficiaries and creditors of the estate with a way to receive some money in the event the Administrator absconds with the funds.

The Court will require a Surety Bond in almost all situations in which the decedent dies without a Will. A person can only qualify for a Surety Bond if he or she has good credit or significant assets to their name.

Obviously, the way to avoid this situation is to make sure your parents and loved ones prepare a Will which states that no bond is required. However, if you find that you are involved in an estate administration in which the decedent did not prepare a Will, before you spend a lot of money trying to qualify as an Administrator, Executor or Trustee, make sure you have good credit.

Robert J. Goldberg, Esq. Joins The Pollock Firm

Robert J. Goldberg, Esq. Joins The Pollock Firm

The Pollock Firm LLC is pleased to announce that Robert J. Goldberg has joined our firm as an associate attorney.

Rob grew up in Haddonfield, New Jersey and graduated cum laude from Rutgers New Brunswick in 2014 with a B.A. in Communications. 

In 2018, Rob received his Juris Doctor degree from Rutgers Law School in Camden, New Jersey. After law school, Rob completed a judicial clerkship with the Honorable Judge Harrington, Superior Court of New Jersey, Burlington County, who handled land use and complex business litigation matters. During Rob’s clerkship, he was sworn in as a member of the New Jersey bar. 

Following his clerkship, Rob worked for a plaintiff’s personal injury law firm for three years before coming to The Pollock Firm. Robert J. Goldberg is a member of the New Jersey State Bar Association and the Burlington County Bar Association.

Robert J. Goldberg, Esq. will be joining our Wills, Trusts, and Estates team. In addition to estate planning and probate work, he is looking forward to assisting clients with business matters

IRS Now Allows For 5 Year Estate Tax Portability Election

Estate Tax Portability Election | Pollock Firm

Under a new IRS ruling, a surviving spouse now has 5 years to make an estate tax portability election. The relevant IRS revenue procedure can be found here: Revenue Procedure 2022-32. The 5 year rule can only be used if an estate tax return isn’t otherwise required to be filed. What is Estate Tax Portability? […]

7 Simple Ways to Minimize the Pennsylvania Inheritance Tax

7 Simple Ways to Minimize the Pennsylvania Inheritance Tax

This is an update to the 2018 post on wrote on the Pennsylvania inheritance tax.  However, before I discuss ways to minimize the PA inheritance tax, it is important to understand that the tax rate is affected by who receives money upon your death. As a refresher, Pennsylvania has an inheritance tax on most assets […]

Reasons to Create a Will

Reasons to Create a Will | The Pollock Firm LLC

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 to create a Will:

What is the first thing an executor of a Will should do?

executor of a Will

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 […]