Inheritance & Estate
Whether your estate is several million or several thousand, we know where to look to maximize your deductions and reduce your taxable estate so that your heirs will receive the most they are entitled to under law.
From the initial notifications, to the Estate Inventory, to the completion of all necessary returns, we have the expertise to guide your family through these difficult times. We can help your family:
With the time frames and due dates that accompany inheritance and estate taxes, it’s important that someone is always on top of the situation. When your family is still reeling from the loss of a loved one, why place this burden on them?
We can make their difficult times more bearable by being there to handle the details while they adjust to their new situation.
Estate is a broad word encompassing everything someone is worth living or not. Anything that can be of value to a person constitutes a resource of an estate. When a person passes away, his/her estate is distributed usually to family member and friends, with various taxes and regulations accompanying it.
Inheriting any asset, whether it be a house, a car, or the money in an account, is more complex than a simple hand to hand transaction. Bank accounts typically have a TOD, transfer of death, previously identified in order to determine who takes ownership of the account after its owner’s death. Unless it is an investment account, bank accounts with a TOD usually are liable to probate, meaning the validation of a will. In some states these accounts are also subject to certain taxes. In New Jersey however, laws permit an exemption from inheritance taxes for surviving spouses and children.
Trusts and life insurance fall under similar inheritance processes because they both lack a need for the probate process. Prior to the death of a loved one, a beneficiary has already been named for both trust funds and life insurance policies. Thus, in these cases usually no estate taxes are applied to either of these. Our trust officers and estate specialists will make this process as simple and as clear as possible.
It’s important to plan ahead and to be aware of inheritance and tax laws, so that when a death of a loved one does occur, no one is financially burdened. At the office of Michael Delaney, CPA, we will do all of the hard work for you. There will be no surprises when it comes to the inheritance you deserve.