Our Estate and Trust Administration practice group provides full services, from initial probate through final accounting and disbursements of assets. We handle estates of all sizes with a focus on making it simple for the family.
Proper estate and trust administration includes many steps, which are often complicated and detailed. Because of the complexity of estate and trust administration, our initial consultation is approximately two hours. During this consultation, we provide you with an outline of all the steps required to effectively administer an estate or trust. We provide you with a list of due dates and identify estate and trust administration issues and determine which tax returns must be prepared. Communication is important and our estate/trust team will keep you apprised of the administration throughout the process.
Upon retaining us, we will provide the following but not limited to:
- Fulfilment of the decedent’s wishes
- Provide notice to all necessary parties
- Comply with various investor and income acts
- Swiftly move the estate and trust administration along to ensure faster distributions to the beneficiaries
- Ascertain all liabilities to ensure payment
- Prepare insolvency pleading if required
- Obtain all the assets and the fair market value of the assets in an effort to assist in reducing potential income tax liabilities
- Assist in all aspects of the transfer of all assets, including real property
- Procure proceeds from Life Insurance, 401ks, IRAs and annuities including income tax planning for retirement and annuity accounts
- Provide advice to the Executor in an effort to avoid any potential personal liability of the Executor/Trustee to the beneficiaries and various governmental taxing agencies
- Prepare the inheritance tax returns, federal and New Jersey estate tax returns, personal income tax returns, estate income tax returns, gift tax returns, FBAR form and review for tax elections beneficiary to client and/or estate or trust
- Draft final accountings for estate or trust
- Prepare release and refunding bonds
- Post mortem tax planning to ease the tax burden on an estate, trust or beneficiary
- Handling tax matters with the Internal Revenue Service and New Jersey Division of Taxation
In addition, our law firm assists other law firms with complex estate and trust administration such as accountings, New Jersey Inheritance and Estate tax returns, Federal Estate and Gift tax returns (Form 706 and 709) and Fiduciary income tax returns (Form 1041) as well as tax planning.