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A loved one left you in charge of overseeing her or his estate. You do not mind accepting the role, but do you know your responsibilities to the estate's heirs? SmartAsset breaks down what executors owe beneficiaries. Learn how to act in the estate's most favorable...
New Jersey does not have a formal estate tax, but it does have something called inheritance tax. First established in 1892, the state’s inheritance tax comes into play when you die and leave assets to a predetermined beneficiary. Per the New Jersey Department of the...
A tax nexus sounds like something out of science fiction. However, if you are the administrator of the trust, you have to know what it is and whether the trust has one because it affects your responsibility to pay taxes on it. According to the New Jersey Department of...
Business owners in New Jersey may include a succession strategy as part of their estate planning documents. As noted by SmartAsset.com, dying without a will in the Garden State generally means a surviving spouse receives an individual's property, which may include...
Upon your death, the probate process begins to handle your estate. Part of the process will include paying debts. While you may leave your estate without any debt, your heirs may get a surprise when it comes to taxes. The New Jersey State Bar Association explains some...
As you assemble your estate plan, you know you want to leave your home to beneficiaries. How could a trust help you do so? SFGATE explains how you may ensure your heirs become legal owners of your main residence when you die. Learn how to use estate planning tools to...
In your estate plan, you will have several people filling different roles. Some of these roles serve an active purpose, such as your healthcare proxy who handles medical matters on your behalf when you no longer can. Others serve a more passive role, such as...
When someone designates you as the executor of his or her last will and testament, you automatically become the personal representative of his or her estate when he or she dies. As such, your main duty is to present the will for probate in the Surrogate Court of the...
Concerned individuals can contest a will when they suspect the deceased person was under someone else's unwanted influence. The person challenging the estate must prove undue influence by the defendant. Review the factors that influence cases involving allegations of...
If you are in the process of setting up an estate plan, you have many different options to consider. You need to think about your individual circumstances as well as the unique needs your loved ones have. Some people create a will, while others come to the conclusion...