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May 2011 Archives

IRS currently looking into failure to report taxable gifts, P.1

Gifts of real estate are a common way folks leave their wealth to family before they pass on. Unfortunately, such transactions often involve a failure to report the gift to the Internal Revenue Service.

Beneficiaries under will have ways to enforce decedent's wishes, P.2

In our last post, we began discussing the difference between probate and non-probate property in the context of a discussion of what a beneficiary may do when they have not yet received their inheritance under a will. We continue that discussion here.

Beneficiaries under will have ways to enforce decedent's wishes, P.1

A recent article in the Star Ledger addressed the issue of what a beneficiary should do when they have been assured of receiving property by will but are disconnected from the process of estate administration, have no copy of the will, and have not yet heard anything concerning where the process of estate administration is at.

Remarriage can complicate estate planning, P.2

In our previous post, we began looking at the types of complications remarriage can pose for estate planning. We noted that one potentially difficult situation is remarriage to a noncitizen, and that encouraging the establishment of an independent trustee and giving one's children the right to periodic accounting of trust assets can help allay their fears of the noncitizen spouse leaving the country and complicating the estate plan after the death of their parent.

Remarriage can complicate estate planning, P.1

Not everybody, even among the wealthy, is necessarily interested in creating an estate planning. According to a recent survey by U.S. Trust which examined 457 wealthy persons, many from the baby boomer generation are not all that interested in having control of their assets after they die. Less than half of those with at least $3 million in investments expressed interest in leaving an inheritance.

Self-proving wills help in avoiding problems later on

Sometimes the question arises as to how long a will remains valid after its execution, or whether the witnesses have to be alive at the time it is probated. The short answer is that, provided the will was valid when signed, it is still valid years later. And witnesses do not necessarily have to be alive when the will is probated.