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 3
In my blog posts the past 2 weeks I have addressed this commonly asked question. I explained the distinction between probate assets - ones controlled by a will or the intestacy laws - and non-probate assets which are not. Generally, an executor or administrator must be appointed before an account can be
Real Estate Tax Problem – Part 3
In this third post of three, I go back to the problem caused by the death of an owner of real estate and the subsequent deaths of the next two people who were to inherit that property. As I explained last week, A died in 1994 and her interest in
Real Estate Tax Problem – Part 2
In my post last week I began to tell you about a real estate sale that we were asked to help finalize because the deceased owner’s estate administration process had never been completed. Actually, the person who inherited ownership had also died as did the person who inherited it from that
That Pesky Tax Waiver – Part 3
This week’s post is the last of 3 on New Jersey’s tax waiver. Last week I showed you how a small bequest in a will to a non-Class A beneficiary will trigger the need to file an inheritance tax return. I also said, however, that in some instances a
That Pesky Tax Waiver – Part 2
In my post last week, I referred to New Jersey’s tax waiver. It is an often misunderstood process designed to insure that the State receives the appropriate amount of taxes when someone dies. As I explained, New Jersey’s estate tax was phased out as of 2018 but we still
That Pesky Tax Waiver – Part 1
As I have written in previous posts, New Jersey did away with its estate tax in 2018. This was part of a compromise between the state legislature and then Governor Christie who agreed to an increase in New Jersey’s gasoline tax. I have also pointed out that we still
An RMD and Tax Waiver Problem (Part 2)
In my blog post last week I laid out Mary’s problem trying to draw out the required minimum distribution for 2018 from her deceased aunt’s IRA. June died in November and had not yet taken the minimum necessary (RMD) to avoid a 50% penalty. The bank holding the IRA,
An RMD and Tax Waiver Problem -Part 1
Although New Jersey no longer has an estate tax we still have an inheritance tax and with it a tax waiver. Last week we received a call from Mary who had been appointed executrix of her Aunt June’s estate. June had not taken her required minimum distribution
Increased Gas Tax – How Does It Impact NJ Estate Tax? Part 2
Last week , I wrote about the announced compromise between Governor Christie and legislative leaders that will replenish the out of money transportation fund and get much needed road projects started again. The compromise involves a 23 cent gas tax increase but tax cuts in other areas, including the