QUESTION
My dad is 77 years old and has money in a savings account. What is the best thing to do so if he passes the state cannot get to this money?
Asked on May 09th, 2023 on Wills and Probate - New Jersey
More details to this question:
My dad lives with me and he wants to ensure that if he passes that we get his money without the state getting it.
1 ANSWER
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If all of the beneficiaries are Class A (spouse, children, etc) there won't be inheritance tax. He should get a simple will drawn up even if he doesn't have a ton of assets. If someone passes intestate, meaning without a will, its a bit more complicated and expensive to settle the estate. Another possibility is to add you to the bank account, either as a joint account holder or a TOD "transfer on death."
Melanie Ryan,Esq,
Nutley, NJ
917-346-6547
Answered on May 10th, 2023 at 12:27 AM