New Jersey Estate Planning Legal Questions

i'm sorry this has happened to you.  You can file a complaint in the court of the county in which the will was probated.  Ask to have the executor removed, and claim breach of fiduciary duty.  you may be able to track down the funds that were stolen, or put liens against things that were purchased with the funds.  If the executor was required to post a post, you can file a claim against the bonding company.... Read More

you do not have to wait for the waivers, but before you pay out anything from the estate, get each recipient to sign a release that they have been paid.  The release can be found on the State Judiciary website.  this is proof that you have done your job as the person in chrage of the estate.... Read More

You should definitely speak to someone about this transaction.  By putting the house in your name, you might be able to do some Medicaid planning, provided that your in-laws live in the house with you for at least two years prior to them needing Medicaid.  there is a section of the federal law that would allow for the house to be exempted, but it is a bit too complicated to explain here.  If you are in monmouth or Ocean counties, call my office.  Thoerwise,  look for someone who is a Certified Elder Law Attorney (CELA) who can explain the real estate, taxation, and Medicaid sides to this transaction. ... Read More

I'm not sure there is ever a "right" time.  There are many things to consider in transferring the house, not the least of which is the potential of some liability of your three children attaching to, or becoming a lien against your house.  There is also the loss of the step up in basis of the value of your house.  In other words, there are complex pros and cons that should be considered, not just the timing.  If you would like to discuss this further, please call my office.... Read More

It is not possible to answer this based on the information given.  If you are trying to avoid estate taxes, the money will be drawn back into the estate, if the person dies within 3 years o the gift.  In order to avoid the taxes, the person must give up all indicia of ownership of the asset.  I prefer to let elderly people keep their assets to pay for their own care instead of worrying about taxes.  estate taxes will nt be inucrred unless the estate is over $675,000... Read More

The first question to ask is whether or not she was entitled to this check from disability.  By this I mean, was she receiving monthly payments and this is another monthly payment?  And you are sure that disability is not going to say "Sorry - the check was sent in error before we knew she passed - pay it back?"  Becuase that happens sometimes.  Social Security and pension checks often arrived after the person has passed, and then are cashed or deposited, but then need to be paid back.  If the check you are talking about is not a monthly check, but is instead sometype of death benefit, then you will need to become the administrator of her estate.  Go to the surrogate's office of the county in which you live. The clerks there will be able to help you.  If you are in Monmouth or Ocean Counties and need further assistance, please feel free to call. ... Read More

There is no single "best" way.  A solution fo ryou would involve looking at all of your assets, long term care insuance, your family history and many other factors.  As a Certified Elder Law Attorney my goal is to make sure you have sufficient assets under your own control to pay for the care you need. Long term care doesn't "take" your assets - you have to pay for the care that you receive, and if your assets run out and you still need care, then the care wil be provided by Medicaid.  We can minimize taxation and/or take maximum advantage of tax credits by using credit shelter wills, and various types of trusts.... Read More

If the house in in joint tenants with right of survivorship, and your mother dies, the house will go to the two sisters, and there is nothing you can do to make sure that the other siblings receive a share of the house.  If the house is owned as tenants in common, all of the siblings will inherit mom's 1/3 shar eof the house, but again, there is nothing you can do to make them give you any portion of the proceeds.... Read More

Yes !  the banks may have an issue with this - but be insistent.  I do it all the time for my clients.  as the Executor you will still need to sign tax returns, contracts, etc. but the more administrative tasks, such as going to the bank, can be done by someone else via your POA.  The bank will most likely not let you pull all of the money out of the account until you either pay estate/inheritance taxes, or prove no taxes are due by obtaining a waiver. ... Read More

Maybe - it depends on what the end result is.  If the person dies, and another person takes over as the Executor of the estate, then the executor may ask for an accounting of what the POA was used for.  It doesn't necessarily need to be disclosed unless someone asks for it. ... Read More

Does your brother own property or have bank accounts in the USA?  And no one, not his spouse or anyone else, is a joint owner, or otherwise has any legally rights to those accounts?  If that is the case, in order to become the administrator, everyone else who has a right to serve as administrator has to renounce their right to serve.  Then you take the renunciations and file it with the county surrogate along with the application to become the adminstrator.  this would all take place in the county in which your brother lived.  ... Read More

If the trustee of the trust is also the grantor, a revocable trust usually indicates that upon the death of the grantor/trustee, the assets held in the trust are distributed.  The grantor/trustee could direct that the assets are distributed to the estate, or to beneficiaries, or can remain in trust with the second trust taking over.  What happens is all dependent on the terms of the trust.... Read More

Your mom would have to sign a deed transferring the property from her to you and her.  As the surviving spouse, she now owns the property and will have to present a copy of your dad's death certificate.  You should be careful that your sisters do not object to this, or that a claim could be made that you are unduly influencing your mother to give you the property.  ... Read More

This is very easy.  It will require the preparation of a deed called a quitclaim deed.  The property will go from both parties names, into one party, and both parties will have to sign the deed.  The cost for this is approximately $500 if you have a copy of the recorded original deed.... Read More

She should probably hire an attorney to help her because there may be liens or other encumbrances on property that were done without her knowledge.  for the most part, she might be able to avoid paying the charges, and have her husband's estate declared to be "insolvent" and discharge the debt of the estate in a manner similar to a bankruptcy discharge.  The ability to do that is going to depend on what assets are in the estate, what things, if any she owned jointly, and the nature of the debt. ... Read More

The reason you will have to go to probate is to be able to deal with her assets, even though the assets have very little value.  The way that you will get the authority to do this is by probating her will.  Probate is VERY easy and will cost probably no more that $200.  You will then be given letters testamentary which will be evidence that you are the person who has been given the authority.  Having those letters will allow you to sell the car, and dispose of everything.  Because there is no beneficiary named on the life insurance policy, that police will be made payable to the estate, and you will be responsible for distributing the proceeds the way your grandmother wanted.  After probate, reimburse yourself for any costs, pay her last debts, open an estate account at a bank, deposit the proceeds of the life insurance and what ever you get for the sale of the car, and then distribute everything to the people named in the will. ... Read More

If the house was left to you ion the will, then you are entitled to the house.  However, you cannot disinherit your spouse.  A married person is entitled to claim an elective, or statutory, share of an estate. The share the surviving spouse can claim is about 1/3.  So, if your mother died leaving you the house, but nothing to her spouse, then her spouse can claim a portion of the estate but not the whole house.  The elective share is something that has to be affirmatively asserted in court, it is not automatic, and if the surviving spouse does not claim it, it is waived. ... Read More