Articles Tagged with New Jersey Probate attorneys

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key-2114044__340-300x169Generally, before the estate of a decease person can sell real estate, the individual(s) named as executor in the will must probate and be formally appointed as executor.  If there is no will, then the closest heir at law must apply to the surrogate’s court to be appointed as administrator of the estate.  An administrator would follow the same steps as an executor in order to sell real estate.

Estates with a value in excess of $5,450,000 are subject to federal estate tax pursuant to IRC Section 6324.  IRS estate tax liens automatically attach to real property (“real estate”) which was owned by a decedent on her date of death.  In order to have this tax lien discharged, the seller must follow these steps in order to close on the sale of the property and have the federal estate tax lien discharged:

The executor of the estate must complete and file IRS Form 4422 and provide the required supporting documents.  In order to compete this form you must know the value of all estate assets and expenses.  And you must have the required supporting documentation including: the last will and testament, the contract for sale of the real estate, the closing statement or proposed closing statement for the sale (which shows all payments, credits, expenses and offsets), the federal estate tax form 706 and documentation reflecting the value of all the estate’s assets.  With Form 4422 the executor must also submit for 8821, a tax information authorization form.  Additionally, IRS Form 4422 must be filed at least 45 days prior to the closing of the sale of the real estate.

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twitter-292994__340-300x200When you think about estate planning, most people think about their physical possessions, their real estate and their financial assets, but in this day and age, you also need to consider your digital assets.   You may have as much as 20 years of active digital presence.  This can include documents, photos, and on-line accounts such as Facebook, Google,  back-up services, Linked In, Twitter, Snapchat, etc.  Such digital accounts generally have no expiration date.

It is important to consider what will happen when you die to your accounts and the data contained them.  It is important to consider what will happen if you do nothing, and decide if that is what you want to happen.   It is an often overlooked part of estate planning.

Many online accounts allow you plan during life for what will happen to the account upon death.  However, this is all very new and some of the most popular online accounts do not provide a way to plan for what will happen to the account upon the account owner’s death. For any accounts which do not allow you to plan, it is desirable to establish a plan now with a trusted loved one.