How the Executor under the Will can obtain a tax ID number for the Estate. Also to be used by Administrator of Estate where there is no Will.

   How the Executor under the Will can obtain a tax ID number for the Estate. Also to be used by Administrator of Estate where there is no Will.

        The decedent and their estate are separate taxable entities.  You will need to obtain a tax ID number for the estate from the IRS. An estate’s tax ID number is called an “employer identification number,” or EIN, and comes in the format 12-345678X. You can apply online for this number. The ITS calls it the Employer Identification Number (EIN) even though there is no employer.

EIN

An Employer Identification Number (EIN) is also known as a federal tax identification number.  It is also used by the IRS for estates and trusts. The EIN number is needed by the bank to open an Estate Account.

         Have the death Certificate and surrogate papers in front of you when contacting the IRS.

You can apply for an EIN on-line, over the telephone, via fax or through the mail. See the instructions for Form SS-4 , Application for Employer I.D. Number, for further details. http://www.irs.gov/pub/irs-pdf/iss4.pdf

•   To apply on-line, use the on-line EIN application available at http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online

•    

•   To get an EIN over the IRS's toll-free telephone number, call (800) 829-4933.   See EIN Toll-Free Telephone Service for more information.

•    

•   To request an EIN via fax, 24 hours a day / 7 days a week, Taxpayers can fax the completed Form SS-4 (PDF) http://www.irs.gov/pub/irs-pdf/fss4.pdf

Then fax to Fax Attn: EIN Operation Cincinnati, OH 45999
Fax-TIN: 859-669-5760

To receive an EIN through the mail, complete Form SS-4 . http://www.irs.gov/pub/irs-pdf/fss4.pdf The instructions for the form provide the correct address.

Online

Go to

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online

then check off Estate

An estate is a legal entity created as a result of a person's death.

Please tell us about the deceased person.

* Required fields

Must match IRS records or this application cannot be processed.

The only punctuation and special characters allowed are hyphen (-) and ampersand (&).

First name*

Middle name/initial

Last name*

Suffix (Jr, Sr, etc.)

Select One

DDS

MD

PHD

JR

SR

I

II

III

IV

V

VI

SSN/ITIN*

- -

Then follow the prompts

Wills, Estate Planning & Probate Seminar

 Wills, Estate Planning & Probate Seminar

 Sayreville Senior Center  

423 Main Street 

Sayreville NJ 08872

September 16, 2015 at 10am     

WILLS & ESTATE ADMINISTRATION- PROTECT YOUR FAMILY AND MAKE PLANNING EASY

SPEAKER: Kenneth Vercammen, Esq. Edison, NJ

                (Author- Answers to Questions About Probate)

     The NJ Probate Law made a number of substantial changes in Probate and the administration of estates and trusts in New Jersey.

Main Topics:

1. The New Probate Law and preparation of Wills    

2. 2015 changes in Federal Estate and Gift Tax 

3. NJ Inheritance taxes on estates over $675,000

4. Power of Attorney               

5.  Living Will                                  

6.  Administering the Estate/ Probate/Surrogate    

7. Questions and Answer           

      COMPLIMENTARY MATERIAL: Brochures on Wills, "Answers to Questions about Probate" and Administration of an Estate, Power of Attorney, Living Wills, Real Estate Sales for Seniors, and Trusts.

      Call Sayreville Senior Center 732-390-7059

For materials if you can’t attend, email vercammenlaw@njlaws.com

Appointment of person to control funeral, disposition of remains. 3B:10-21.1

Appointment of person to control funeral, disposition of remains. 3B:10-21.1  

40.Prior to probate, a decedent's appointment of a person in a will to control the funeral and disposition of human remains may be carried out in accordance with section 22 of P.L.2003, c.261 (C.45:27-22).  If known to them, a person named executor in a will shall notify such a person of their appointment and advise them of what financial means are available to carry out the funeral and disposition arrangements.

Probate of a Will in NJ

NJSA 3B:13-19. Direction of court for expenditure required; investment

3B:13-19.  Direction of court for expenditure required;  investment     The guardian shall not expend any portion of the personal property received  from any source other than the United States Government, except as directed by  the court to which he is accountable;  but he may invest the personal property  as provided by N.J.S. 3B:13-15.

NJSA 3B:13-18. Authorization for guardian of incompetent ward to receive additional personal property not exceeding $10,000.00

3B:13-18.  Authorization for guardian of incompetent ward to receive additional personal property not exceeding $10,000.00
    When an incompetent ward for whom a guardian has been appointed becomes entitled to personal property amounting to not more than $10,000.00 from any source other than the United States Government, the court may authorize him to receive the personal property for conservation and administrative care. On payment of any money or delivery of property to the guardian, a release executed by him to the person or persons paying the money or delivering the property shall be valid and effective.

  

NJSA 3B:13-17. Compensation of guardian

3B:13-17.  Compensation of guardian
    Compensation payable to a guardian shall not exceed 5% of the income of the  ward during any year.

    For extraordinary services rendered by the guardian, the Superior Court may,  after hearing upon the settlement of his account, authorize additional compensation payable from the estate of the ward, but no compensation shall be allowed on the corpus of an estate received from a preceding guardian.

    The guardian may be allowed from the estate of his ward reasonable premiums  paid by him to a corporate surety upon his bond.