Dealing With An Ex-Girlfriend Who Won’t ...

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate & Probate Administration Attorney An accountant was representing an estate that has a gross value of approximately $80,000 – $100,000. One of the beneficiaries is the decedent’s sister. The other beneficiary is the decedent’s Ex-Girlfriend who remained a joint owner of some of the decedent’s accounts. New Jersey has entered an arbitrary estate value assessment from the Division of Taxation in the amount of $300,000 service TD Ameritrade provided a date of death balance for their...

Dealing With A Revocable Trust With A Mu...

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Administration Attorney A 91 year old Pennsylvania resident owns N.J. real estate with a Fair Market Value of $500,000. The real estate is owned in the name of her Revocable Living Trust created and funded while she was a Florida resident. Her children do not live in New Jersey. The beneficiaries of the trust are all biological children and grandchildren. The question raised is whether ownership by revocable trust of N.J. real estate creates any adverse tax consequences when she passes. A...

Can Jointly Owned Funds Be Released With...

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate & Probate Administration Attorney What is the law concerning the release of funds held in the name of a person individually or jointly with another upon death? The law regarding the release of funds held by a bank, trust company, credit union, corporation, or person may release any amount up to 50 percent of the entire amount of funds on hand held in deposit, which belong to; An Executor; Administrator; Legal representative of the decedent; Surviving joint tenant; The estate of a...

Can a Beneficiary Who Discharges A Debt ...

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Attorney In Part 1 and Part 2 of this series I introduced you to a case where a beneficiary had an outstanding debt through an unpaid loan with her parents. When distribution of their estate occurred, the Trustee withheld a portion of her inheritance equal to the unpaid loan. In this last blog of the series, I will discuss the outcome of the case. Interestingly the trial court found that a beneficiary of a Discretionary Trust does not have a property interest or a property right in...

Can a Beneficiary Who Discharges A Debt ...

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Attorney In Part 1 of this series I introduced you to a recent case where a Trustee withheld distributions from a beneficiary in the amount equal to an unpaid loan discharged in bankruptcy. In Part 2 I will dive deeper into the details of this case. In this case the Court found that notwithstanding the bankruptcy, there was no reason why the Trustee’s discretion could not be used to withhold the Trust beneficiary’s share of the inheritance because of their failure to repay the debt owed to...

Can a Beneficiary Who Discharges A Debt ...

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Attorney Parents and family members often make loans to their children and to others whom they feel a close relationship.   What happens if the child defaults on their debt and then files for bankruptcy? Can the Executor or Trustee of their parent(s), family member(s) estate, deduct a sum equal to the unpaid debt from the beneficiary’s share of the inheritance? The answer may surprise you.   In a recent case, a Trustee withheld distributions from a beneficiary equal to the unpaid loan...