How Death Taxes Get Paid – Part 3
I ended last week’s blog post with a hypothetical estate left by John Doe. John died with an estate totaling $2,500,000. Because he had no spouse or children, he left his estate to nieces, nephews and friend, all Class D heirs. What they receive is subject to New Jersey inheritance tax at a
Your Payable on Death Beneficiary Just May Surprise You (Part 1)
I have posted many times on this blog about the reasons why you should have a will. I have also written about certain types of assets that are not controlled by a last will. One such type is contract property, which is any account that has a payable upon death (POD) designation
How to Leave Personal Property (Part 3)
How to Leave Personal Property (Part 3) In this 3rd blog post on this topic I continue a discussion about how to leave personal property when one passes away. Last week I explained that when clients sign their wills, we also give them a personal property memorandum that they can complete at
Adding a Child’s Name to Parent’s Account – Part 3
In this third blog post of three, I continue discussing the pros and cons of adding a child as an additional owner of a parent’s account. As I explained last week, if Mom adds one child as co-owner but has 3 children amongst whom she wants to split everything evenly when
Is a Damaged Will an Invalid Will? Part 3
In this third post of three, I finish our discussion concerning a recent call we received from Son who discovered that Dad’s will had been accidentally damaged while in Son’s possession. Son had said that one of the Surrogate employees he spoke with told him he had to proceed as if
Is a Damaged Will an Invalid Will? Part 2
In my post here last week, I told you about a call we received from Son concerning Dad’s will. The original will had been in Son’s possession but after Dad’s passing he discovered that it had been damaged. Someone spilled liquid on it which had caused parts to be unreadable. When he separated
Transferring a Motor Vehicle After Owner’s Death (Part 2)
In my blog post last week I began to answer a very common question, “How do I transfer title to a motor vehicle of a deceased owner?” If the vehicle is part of the probate estate, then either Letters Testamentary (if there is a will) or Letters of Administration (when there
Transferring a Motor Vehicle After Owner’s Death (Part 1)
It’s a question that comes up often and early when discussing how to administer estates after someone dies. In part it is because of the difficulties many of us have had at times figuring out New Jersey’s Motor Vehicle Services process. The question is “How exactly do I dispose of a motor
How Do I Access a Deceased Owner’s Account? Part 5
In the past 4 blog posts, I have been discussing how to access a deceased owner’s bank or brokerage account. In part it depends on whether the account is a probate asset - controlled by a will or state intestacy laws when there is no will - or a non-probate asset. But
How Do I Access a Deceased Owner’s Account? Part 2
Last week I addressed a question we get frequently in our office - how to access the financial account of a loved one who has died. The answer is not the same for each account. We must first determine whether the account is a probate or non-probate asset, meaning “is it controlled