Friday, April 27, 2018

Are you searching for an estate-planning attorney in New Jersey that is part of the ARAG Legal plan?

 Are you searching for an estate-planning attorney in New Jersey that is part of the ARAG Legal plan? Look no further than Kenneth Vercammen & Associates. Are you searching for an estate planning attorney in New Jersey is a great benefit offered to employees by their employer. 
Normally, with ARAG Legal Plan we can prepare a Last Will and Testament, Health Care and Durable Powers of Attorney with no additional fees. We promise to check your coverage prior to your estate planning appointment so that you will know upfront what is covered under your plan. 

     Under the ARAG Legal Plan the estate planning portion is covered. If you live in Are you searching for an estate-planning attorney in New Jersey and need an estate-planning attorney and have ARAG Legal Services, call our office today. 
 Every adult should have some sort of Estate Plan in place. Whether it be a Last Will and Testament or other document, you need to have something. If you have ARAG Legal Plan and would like to meet with one of our qualified estate planning attorneys, call us at 732-572-0500

     We continue to handle the following New Jersey matters for ARAG Legal Plan members in the following counties:
1. Wills, Probate and Estate Administration in Middlesex County, New Jersey
2.  Criminal Law in Middlesex County  [minimum fee negotiated plea $1,000]
3. Traffic tickets in the towns of Edison, Woodbridge, Metuchen, Highland Park, North  Brunswick [total population of these town over 300,000] minimum fee negotiated plea $200
4. Power of Attorney and Living Wills
5. Contested Probate in Middlesex, Monmouth Counties
      We do not handle civil, matrimonial, real estate, small claims or consumer matters.
         We also provide New Jersey legal information on our website www.njlaws.com.   Please consider our office if you need to refer a case in Middlesex County, New Jersey. Due to the complicity of criminal and traffic trials, we do not handle private citizen trials.   

Thursday, April 26, 2018

What is an Executor of a Probate Estate?

  What is an Executor of a Probate Estate?
Executor:The person named in a Will to carry out the wishes and intentions of the will, also known as a personal representative. 
Administrator:A person appointed by the courts to take charge 
of the estate of a decedent who dies without a will. 

Executor Duty and Responsibilities
At some point in time, you may be asked to serve as the executor of the estate of a relative or friend, or you may ask someone to serve as your executor. An executor’s job comes with many legal obligations. Under certain circumstances, an executor can even be held personally liable for unpaid estate taxes. Lets review the major duties involved, which we’ve set out below.

In General, the executor’s job is to
1. Administer the estate--i.e., collect and manage assets, file tax returns and pay taxes and debts--and 2. Distribute any assets or make any distributions of bequests, whether personal or charitable in nature, as the deceased directed (under the provisions of the will).
Lets take a look at some of the specific steps involved and what these responsibilities can mean. Chronological order of the various duties may vary.
              Step 1: Probate. The executor must "probate" the will. Probate is a process by which a will is admitted. This means that the will is given legal effect by the court. The courts decision that the will was validly executed under state law gives the executor the power to perform his or her duties under the provisions of the will.
              Step 2: Manage the Estate. The executor takes legal title to the assets in the probate estate. The probate court will sometimes require a public accounting of the estate assets. The assets of the estate must be found and may have to be collected. As part of the asset management function, the executor may have to liquidate or run a business or manage a securities portfolio. To sell marketable securities or real estate, the executor will have to obtain stock power, tax waivers, file affidavits, and so on.
              Step 3: Take Care of Tax Matters. The executor is legally responsible for filing necessary income and estate-tax returns (federal and state) and for paying all death taxes (i.e., estate and inheritance). The executor can, in some cases be held personally liable for unpaid taxes of the estate. Tax returns that will need to be filed can include the estates income tax return (both federal and state), the federal estate-tax return, the state death tax return (estate and/or inheritance), and the deceased’s final income tax return (federal and state). Taxes usually must be paid before other debts. In many instances, federal estate-tax returns are not needed as the size of the estate will be under the amount for which a federal estate-tax return is required.
              An employer identification number ("EIN") should be obtained for the estate; this number must be included on all returns and other tax documents having to do with the estate. The executor should also file a written notice with the IRS that he/she is serving as the fiduciary of the estate. This gives the executor the authority to deal with the IRS on the estates behalf.
              Often it is necessary to hire an appraiser to value certain assets of the estate, such as a business, pension, or real estate, since estate taxes are based on the "fair market" value of the assets. After the filing of the returns and payment of taxes, the Internal Revenue Service will generally send some type of estate closing letter accepting the return. Occasionally, the return will be audited.
              Step 4: Pay the Debts. The claims of the estates creditors must be paid. Sometimes a claim must be litigated to determine if it is valid. Any estate administration expenses, such as attorneys, accountants and appraisers fees, must also be paid.
Step 5: Distribute the Assets. After all debts and expenses have been paid, the distribute the assets with extra attention and meticulous bookkeeping by the executor. Frequently, beneficiaries can receive partial distributions of their inheritance without having to wait for the closing of the estate.
              WHO SHOULD SERVE AS EXECUTOR? The executors legally imposed fiduciary duty is to act in all ways in the best interests of the estate and its beneficiaries. The duties of an executor can be difficult and challenging and should not be taken lightly.
We believe an executor needs not only the skills, training, and experience necessary to do the project--casual or part-time attention is not likely to achieve success.
              Under increasingly complex laws and rulings, particularly with respect to taxes, an executor can be in charge for two or three years before the estate administration is completed. If the job is to be done without unnecessary cost and without causing undue hardship and delay for the beneficiaries of the estate, the executor should have an understanding of the many problems involved and an organization created for settling estates. In short, an executor should have experience.
              Duty of Executor in Probate & Estate Administration
1. Conduct a thorough search of the decedents personal papers and effects for any evidence which might point you in the direction of a potential creditor;
2. Carefully examine the decedents checkbook and check register for recurring payments, as these may indicate an existing debt;
3. Contact the issuer of each credit card that the decedent had in his/her possession at the time of his/ her death;
4. Contact all parties who provided medical care, treatment, or assistance to the decedent prior to his/her death;
Your attorney will not be able to file the NJ inheritance tax return until it is clear as to the amounts of the medical bills and other expenses. Medical expenses can be deducted in the inheritance tax.

              Under United States Supreme Court Case, Tulsa Professional Collection Services, Inc., v. Joanne Pope, Executrix of the Estate of H. Everett Pope, Jr., Deceased, the Personal Representative in every estate is personally responsible to provide actual notice to all known or "readily ascertainable" creditors of the decedent. This means that is your responsibility to diligently search for any "readily ascertainable" creditors.
              Other duties/ Executor to Do
Bring Will to Surrogate
Apply to Federal Tax ID #
Set up Estate Account at bank (pay all bills from estate account)
Pay Bills
Notice of Probate to Beneficiaries (Attorney can handle)
If charity, notice to Atty General (Attorney can handle)
File notice of Probate with Surrogate (Attorney can handle)
File first Federal and State Income Tax Return [CPA- ex Marc Kane]
Prepare Inheritance Tax Return and obtain Tax Waivers (Attorney can handle)
File waivers within 8 months upon receipt (Attorney can handle)
Prepare Informal Accounting
Prepare Release and Refunding Bond (Attorney can handle)


              Obtain Child Support Judgment clearance (Attorney will handle)
Lets review the major duties involved-
              In General. The executors job is to (1) administer the estate--i.e., collect and manage assets, file tax returns and pay taxes and debts--and (2) distribute any assets or make any distributions of bequests, whether personal or charitable in nature, as the deceased directed (under the provisions of the Will). Lets take a look at some of the specific steps involved and what these responsibilities can mean. 

              

We continue to handle the following New Jersey matters for Union Plus Union Privilege UPLS Legal plan members in the following counties: 1. Wills, Probate and Estate Administration in Middlesex County, New Jersey 2. Criminal Law in Middlesex County [minimum fee negotiated plea $1,000] 3. Traffic tickets in the towns of Edison, Woodbridge, Metuchen, Highland Park, North Brunswick [total population of these town over 300,000] minimum fee negotiated plea $200 4. Power of Attorney and Living Wills 5. Contested Probate in Middlesex, Monmouth Counties

We  continue to handle the following New Jersey matters for Union Plus Union Privilege UPLS Legal plan members in the following counties:
1. Wills, Probate and Estate Administration in Middlesex County, New Jersey
2.  Criminal Law in Middlesex County [minimum fee negotiated plea $1,000]
3. Traffic tickets in the towns of Edison, Woodbridge, Metuchen, Highland Park, North  Brunswick [total population of these town over 300,000] minimum fee negotiated plea $200
4. Power of Attorney and Living Wills
5. Contested Probate in Middlesex, Monmouth Counties
            We do not handle civil, matrimonial, real estate, small claims or consumer matters.
         We also provide New Jersey legal information on our website www.njlaws.com.   Please consider our office if you need to refer a case in Middlesex County, New Jersey. Due to the complicity of criminal and traffic trials, we do not handle private citizen trials.   

We continue to handle the following New Jersey matters for Legal Club Of America Legal plan members in the following counties: 1. Wills, Probate and Estate Administration in Middlesex County, New Jersey 2. Criminal Law in Middlesex County [minimum fee negotiated plea $1,000] 3. Traffic tickets in the towns of Edison, Woodbridge, Metuchen, Highland Park, North Brunswick [total population of these town over 300,000] minimum fee negotiated plea $200 4. Power of Attorney and Living Wills 5. Contested Probate in Middlesex, Monmouth Counties

We  continue to handle the following New Jersey matters for Legal Club Of America  Legal plan members in the following counties:
1. Wills, Probate and Estate Administration in Middlesex County, New Jersey
2.  Criminal Law in Middlesex County [minimum fee negotiated plea $1,000]
3. Traffic tickets in the towns of Edison, Woodbridge, Metuchen, Highland Park, North  Brunswick [total population of these town over 300,000] minimum fee negotiated plea $200
4. Power of Attorney and Living Wills
5. Contested Probate in Middlesex, Monmouth Counties
            We do not handle civil, matrimonial, real estate, small claims or consumer matters. 
         We also provide New Jersey legal information on our website www.njlaws.com.   Please consider our office if you need to refer a case in Middlesex County, New Jersey. Due to the complicity of criminal and traffic trials, we do not handle private citizen trials.   

We continue to handle the following New Jersey matters for APWU Legal Services Plan members in the following counties: 1. Wills, Probate and Estate Administration in Middlesex County, New Jersey 2. Criminal Law in Middlesex County [minimum fee negotiated plea $1,000] 3. Traffic tickets in the towns of Edison, Woodbridge, Metuchen, Highland Park, North Brunswick [total population of these town over 300,000] minimum fee negotiated plea $200 4. Power of Attorney and Living Wills 5. Contested Probate in Middlesex, Monmouth Counties

We  continue to handle the following New Jersey matters for APWU Legal Services Plan members in the following counties:
1. Wills, Probate and Estate Administration in Middlesex County, New Jersey
2.  Criminal Law in Middlesex County [minimum fee negotiated plea $1,000]
3. Traffic tickets in the towns of Edison, Woodbridge, Metuchen, Highland Park, North  Brunswick [total population of these town over 300,000] minimum fee negotiated plea $200
4. Power of Attorney and Living Wills
5. Contested Probate in Middlesex, Monmouth Counties
            We do not handle civil, matrimonial, real estate, small claims or consumer matters. 
         We also provide New Jersey legal information on our website www.njlaws.com.   Please consider our office if you need to refer a case in Middlesex County, New Jersey. Due to the complicity of criminal and traffic trials, we do not handle private citizen trials.   

Wills and Estate Planning in NJ for Hyatt Legal members

Wills and Estate Planning in NJ for Hyatt Legal members
    Are you searching for an estate planning attorney in New Jersey that is part of the Hyatt Legal plan? Look no further than Kenneth Vercammen & Associates . Hyatt Legal Plan in Are you searching for an estate planning attorney in New Jersey is a great benefit offered to employees by their employer. 
Normally, with Hyatt Legal Plan we can prepare a Last Will and Testament, Health Care and Durable Powers of Attorney with no additional fees. We promise to check your coverage prior to your estate planning appointment so that you will know upfront what is covered under your plan. 


     Under the Hyatt Legal Plan the estate planning portion is covered. If you live in Are you searching for an estate planning attorney in New Jersey and need an estate planning attorney and have Hyatt Legal Services, call our office today. 
. Every adult should have some sort of Estate Plan in place. Whether it be a Last Will and Testament or other document, you need to have something. If you have Hyatt Legal Plan and would like to meet with one of our qualified estate planning attorneys, call us at 732-572-0500
      We  continue to handle the following New Jersey matters for Hyatt Legal Plan members  in the following counties:
1. Wills, Probate and Estate Administration in Middlesex County, New Jersey
2.  Criminal Law in Middlesex County [minimum fee negotiated plea $1,000]
3. Traffic tickets in the towns of Edison, Woodbridge, Metuchen, Highland Park, North  Brunswick [total population of these town over 300,000] minimum fee negotiated plea $200
4. Power of Attorney and Living Wills
5. Contested Probate in Middlesex, Monmouth Counties
      We do not handle civil, matrimonial, real estate, small claims or consumer matters.
         We also provide New Jersey legal information on our website www.njlaws.com.   Please consider our office if you need to refer a case in Middlesex County, New Jersey. Due to the complicity of criminal and traffic trials, we do not handle private citizen trials.   

NJ Tax Guide A Guide to Being an Executor

NJ Tax Guide A Guide to Being an Executor 
What if you are an Executor or Administrator of an estate? 
You are most likely looking to obtain waivers to release the decedent’s assets, such as NJ bank accounts, NJ stock, and NJ real estate. There are several steps to follow, and a few things you need to know before this can happen. 
What are the different types of waivers?
A self-executing waiver (do-it-yourself) and the 0-1 waiver (issued by the Division of Taxation) are the different types of waivers. New Jersey banks are prohibited from closing a decedent’s bank accounts without one of these forms: 
·Form L-8 Self-Executing Waiver Affidavit can only be used when there is no Inheritance or Estate Taxes due (see below). 
L-8s are to be filled out by you, as the estate representative. Then they can be sent or brought directly to the bank, transfer agent, or other financial institutions holding the funds. 
Many banks have these forms on hand, but they can also be obtained on our website.You do not file anything with the Inheritance and Estate Tax Branch if you qualify to use this 
form. 
·Form 0-1 is a “waiver” that can only be issued by the Division of Taxation.To get this form, you must file a return with the Division.Real Estate transfers always require Form 0-1.Note: 0-1 is not a form that you will be able to find on our website. This form can only be issued by the Division of Taxation. 
Are there any Inheritance or Estate Taxes Due? 
Your next job as Executor/Administrator is to figure out if any Inheritance or Estate taxes will be due. This will determine what forms or returns you will need to file. 
Besides the Federal estate tax, there are two separate State taxes related to a person’s death: the Inheritance Tax and the Estate Tax. You may owe one, but not the other. You will never pay more than the higher of the two taxes: 
·Inheritance Tax mainly depends on the relationship between the deceased person and the beneficiary. Estate proceeds payable to: 
Surviving spouses, parents, children, grandchildren, etc. are exempt from Inheritance Tax. These are Class A beneficiaries. 
Brothers and sisters and children-in-law are subject to tax after built-in exemptions. These are Class C beneficiaries. 
Nieces, nephews, aunts, uncles, friends, and non-relatives are subject to Inheritance Tax. These are Class D beneficiaries. 
Charitable institutions are exempt from Inheritance Tax. These are Class E beneficiaries. 
If it turns out that Inheritance Tax may be due, the Inheritance Tax Resident Return (Form IT-R) needs to be filed. Any tax must be paid within eight months after the date of death or you will incur a 10% annual interest charge on unpaid tax. 
Sometimes, a return needs to be filed even if there might not be any tax due. If there are any Class C, D, or E beneficiaries, you will need to file a full return. . 
  • · Estate Tax depends on the size of the decedent’s gross estate and the decedent’s date of death. You will have to file an Estate Tax return if the estate value is higher than the exemption level for that year: 
If you determine that all of the beneficiaries and the estate are exempt from tax, you may use the following form to obtain a real estate waiver: 
  • · Form L-9: Resident Decedent Affidavit Requesting Real Property Tax Waiver. This Form needs to be filed with the Inheritance & Estate Tax Branch to receive a Form 0-1 Waiver for real estate. 
Non-Resident Decedents (someone who died as a legal resident of another state or a foreign
country): People who did not live in New Jersey, but owned certain types of property in New Jersey (usually real estate) may need to pay NJ Non-Resident Inheritance Tax. See New Jersey Non-Resident Inheritance Tax Frequently Asked Questions for more information. There is no Estate Tax on non-resident decedents. 
Other Important information for executors/administrators to know: 
  • · Banks and financial institutions may release up to 50% of the entire amount of funds on hand before a waiver is received. These funds may only go to the executor or administrator or joint owner of the account(s). 
  • · Banks also must pay (without a waiver) any checks for Inheritance/Estate Taxes written to New Jersey Inheritance and Estate Tax from a decedent’s account (if there are sufficient funds in the account, of course.) 
  • · When filing any return for Inheritance Tax, the fair market value of decedent’s assets should be reported as of the date of death, not as of the filing date. 
How long does processing take? 
Once you have filed a return with the Division, please plan for processing to take at least several months. If a return must be audited, it may take several months longer. About 40 to 50% of returns require additional attention in the form of an audit. Returns are processed and audited in the order they are received. 
Inheritance and Estate Tax payments are usually posted within two weeks from the time they are received, but the processing of a return and issuing of waivers will take longer. 
Full details regarding the above information are available on our website or by calling the Inheritance and Estate Tax Hotline at 609-292-5033 M-F 8:30 a.m.- 4:30 p.m. EST. __________________________________________________________________________________
As executor, you may be required to file income tax returns on behalf of the decedent. For more information on New Jersey Gross Income Tax, please call 609-292-6400, or visit the Division’s website.
YEAR OF DEATH 
EXEMPTION LEVEL 
RETURN REQUIRED 
2016 or earlier 
$675,000 including adjusted taxable gifts 
IT-Estate 
2017 
$2 million 
IT-Estate 2017 
2018 or after 
All exempt 
No Estate Tax return 

Source: http://www.state.nj.us/treasury/taxation/documents/pdf/guides/General-%20Guide-to-Being-an-Executor.pdf