What to Do if A Stimulus Payment Is Made to a Deceased Person
Posted on
Understand what to do if a stimulus payment made to a deceased person
Tag: estate administration
Reasons to Create a Will
Posted on
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 […]
What is the first thing an executor of a Will should do?
Posted on
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 […]
Requirement of Executors to Report Basis of Assets When Administering an Estate – FollowUp
Posted on
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
Posted on
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
Posted on
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 […]
The Difficulty of Porting a Deceased Spouse’s Unused Exemption Amount in Second Marriage Situations
Posted on
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 […]
Update to Executor’s Commissions in NJ
Posted on
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
Posted on
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 […]