Joint Bank Accounts Upon Death

 Joint Bank Accounts Upon Death 

         Even if there is a joint bank account, there may be an Inheritance Tax due.  There is a tax due for Class ”C” beneficiaries- Brother or sister of the decedent, including half brother and half sister, wife or widow of a son of the decedent, or husband or widower of a daughter of the decedent.  -taxed at 11%–16%, with the first $25,000 exempt. 

 

Class “D” - Every other transferee, distributee or beneficiary who is not included in Classes “A”, “C” or “E”. They are taxed at 15%. 

  Your attorney will assist by preparing the Inheritance Tax returns.

         An excellent explanation on handling joint accounts is found at http://www.co.cumberland.nj.us/content/173/2139/3327/969.aspx#16

 

How do I handle joint bank accounts or certificates of deposit?

Certain bank accounts and certificates may be owned with rights of survivorship, which means that upon the death of one party to the account, the surviving party (or parties) become the sole owner (owners). If the decedent maintained such an account, the survivor will be able to withdraw one-half of the funds in the account by giving the bank a death Certificate and without the need to provide anything from the Surrogate. The other half will not be released until a tax waiver is issued by the New Jersey transfer Inheritance Tax Bureau, normally after the tax is paid and the return is filed.

Under the new inheritance tax laws governing estates from spouse to spouse, when the bank account is co-owned, funds may be transferred with a copy of the death certificate, without any type of certificate from the surrogate's office. The spouse will sign an L-8 tax waiver, usually completed by the financial institute. If the account is in the name of the decedent only, the bank will require a certificate from the surrogate in addition to the L-8.

When the bank account is co-owned by any other Class A, (parents, grandparents, children, grandchildren, adopted children, or stepchildren), the procedure is the same as spouse to spouse, except the co-owner will sign an L-8 tax waiver. If the account is in the name of the decedent only, the bank will require a certification from the surrogate in addition to the L-8.

 

If the particular bank is ignorant of NJ law, file a formal complaint for free against the bank and bank employee with

New Jersey Department of Banking and Insurance Consumer Inquiry and Response Center (“CIRC”) P.O. Box 471 – Trenton, New Jersey 08625-0471 

Phone: (609) 292-7272 Fax: (609) 777-0508 or (609) 292-2431 

Morley v Div of Taxation

Morley v. Dir., Div. of Taxation Net Proceeds Recovered on Survival Claim Were Includable in Value of Estate for Estate Tax Purposes Source NJJL June 21, 2021 at 12:00 AM The parties cross-moved for summary judgment in the action filed by plaintiff to challenge the imposition of estate tax on the award obtained in a survival action brought by plaintiff on behalf of decedent's estate. Decedent died in an explosion caused when utility workers performing maintenance on underground electrical lines in front of decedent's home accidentally struck as gas line. Specifically, plaintiff sought to challenge the division's valuation of the award to be included in the estate for taxation purposes. Under the estate tax statute, the amount taxable to the estate was equivalent to the value of the asset as of the date of the decedent's death. Plaintiff argued that the amount of the survival claim should be equal to the value of the claim on the day of decedent's passing. Plaintiff presented an expert valuation report that opined that the value of the survival claim on the date of decedent's death was $2,690,600. However, the division argued that the amount includable for estate tax purposes was the total net proceeds recovered by the estate. Plaintiff had settled decedent's survival claim for a net recovery of over $6.7 million. In support of its argument, the division cited inheritance tax regulations, which required any sums recovered under the New Jersey Death Act to be included in the value of a decedent's estate. The court agreed with the division's arguments and granted summary judgment in its favor. The court ruled that both the estate tax statute and the transfer inheritance tax statute should be read in pari materia because both statutes concerned the same subject matter -- namely, the taxable value of a decedent's estate. The court agreed with the division that the transfer inheritance tax statute defined the date of death value of a survival claim as the amount recovered by the estate in the survival claim. The court therefore ruled that the net proceeds recovered by plaintiff in settlement of decedent's survival claim should be included in the value of decedent's estate for estate tax purposes.

South Brunswick Library- Estate Planning and Probate 2022

South Brunswick Library

Estate Planning and Probate 2022

April 21, 2022 at 7:00 p.m.

free Zoom program open to the public

https://www.facebook.com/events/300412152121563

SPEAKER: Kenneth Vercammen, Esq. Edison, (Author- ABA’s “Wills and Estate Administration book”)

 

Please join the South Brunswick Library for a Virtual Presentation of this legal workshop.   Register below to be sent an invitation for the Zoom.

 

2022 Topics:

1.   What’s new with proposed 2022 Federal Estate Tax changes

2.   Handling Probate during Covid and while Government offices closed

3.   Dangers If You Have No Will or documents invalid

4.   Getting your Estate Planning Documents done without going into the law office

5.   Power of Attorneys recommendations

6.   Living Will & Advance Directive for Medical Care

7.   Administering the Estate/Probate /Surrogate

8.   Avoiding unnecessary expenses and saving your family money

 

Do you have a current will?  Have you ever had to deal with the probate process? The Edison law offices of Kenneth Vercammen will join the library this evening to hold a workshop on the latest legal issues regarding Estate Planning and Probate. Remember, the laws are constantly changing and you should be aware of what is new and how it will affect you and your family.  In a recent newsletter, lawyer Kenneth Vercammen tells us to "beware of the inexpensive forms you can get online."  He warns, "Often cheap online forms are rejected" in the probate process.  a hear what you need to know when considering how to legally protect your assets for your family. 

Questions can be asked using the chat feature on Zoom and they will be answered during the Q&A period at the end of the presentation as time allows.

 

To register, go to __

 

South Brunswick Library

        Att: Barbara Battles         

 (732) 329-4000x 7286   

outreach@snpl.info

 

https://www.facebook.com/events/300412152121563/

 

Can’t attend?  We can email you materials Send email to VercammenLaw@Njlaws.com

 

  Free Will Seminars and Speakers Bureau for Groups

SPEAKERS BUREAU

         At the request of senior citizen groups, unions, and Middlesex County companies and organizations, the " Speakers Bureau " is a service designed to educate citizens about how laws affect their lives and how the judicial system operates.  We have attorneys available to speak to businesspersons, educational, civic and social organizations on a wide range of topics during business hours.  If your organization in Central NJ would like to schedule a Will & Estates seminar, call Kenneth Vercammen’s Law Office at 732-572-0500 or email Vercammenlaw@njlaws.com

 

     10 years ago the AARP Network Attorneys of the Edison/Metuchen/Woodbridge area several years ago established a community Speakers Bureau to provide educational programs to AARP and senior clubs, Unions and Middlesex County companies. Now, Ken Vercammen, Esq. and volunteer attorneys of the Middlesex County Estate Planning Council have provided Legal Rights Seminars to hundreds of seniors, business owners and their employees, unions, clubs and non-profit groups. http://www.njlaws.com/freeseminars1.html

 

Details on free programs available

    These quality daytime educational programs will educate and even entertain. Clubs and companies are invited to schedule a free seminar. The following Seminars are now available: 

1. WILLS & ESTATE ADMINISTRATION-PROTECT YOUR FAMILY AND 

MAKE PLANNING EASY 

2. POWER OF ATTORNEY to permit family to pay your bills if you are temporarily disabled and permit doctors to talk with family 

       All instructors are licensed attorneys who have been in practice at least 25 years. All instructors are members of the American Bar Association, New Jersey 

State Bar Association, and Middlesex County Bar Association. All programs include free written materials. 

    You don't have to be wealthy or near death to do some thinking about a Will. Here is your opportunity to listen to an experienced attorney who will discuss how to distribute your property as you wish and avoid many rigid provisions of state law. 

   Topics discussed include: Who needs a Will?; What if you die without a Will (intestacy)?; Mechanics of a Will; "Living Will"; Powers of Attorney; Selecting an executor, trustee, and guardian; Proper Will execution; Inheritance Taxes, Estate Taxes $14,000 annual gift tax exclusion,  Bequests to charity, Why you need a "Self-Proving" Will and Estate Administration/ Probate.

 

       Sample materials: Hand-outs on Wills, Living Wills/Medical Advance Directive, Power of Attorney, Probate and Administration of an Estate, Real Estate, Working with your Attorney, Consumers Guide to New Jersey Laws, and Senior Citizen Rights. 

 

SPEAKERS BUREAU 

     At the request of senior citizen groups, unions, and Middlesex County companies and organizations, the " Speakers Bureau " is a service designed to educate citizens about how laws affect their lives and how the judicial system operates. We have attorneys available to speak to businesspersons, educational, civic and social organizations on a wide range of topics during business hours. 

     In today's complex world, few people can function successfully and safely without competent legal advice. In order to insure your estate plans are legally set up, you need to know exactly where you stand so that you can avoid possibly catastrophic mistakes impacting both you and your family. 

 

       About the speaker: Kenneth A. Vercammen is a trial attorney in Edison, NJ. We is the author of the American Bar Association’s book “Wills and Estate Administration”

He is co-chair of the ABA Probate & Estate Planning Law Committee of the American Bar Association Solo Small Firm Division.  He is a speaker for the NJ State Bar Association at the annual Nuts & Bolts of Elder Law & Estate Administration program. 

He was Editor of the ABA Estate Planning Probate Committee Newsletter. Mr. Vercammen has published over 150 legal articles in national and New Jersey publications on litigation, elder law, probate and trial topics. He is a highly regarded lecturer on litigation and probate law for the American Bar Association, NJ ICLE, New Jersey State Bar Association and Middlesex County Bar Association. His articles have been published in noted publications included New Jersey Law Journal, ABA Law Practice Management Magazine, and New Jersey Lawyer. He established the NJlaws website www.njlaws.com which includes many articles on Estate Planning, Probate and Wills. He is a member of the AARP and often lectures to groups on the importance of an up to date Will, Power of Attorney and Living Will.

 KENNETH  VERCAMMEN & ASSOCIATES, PC

ATTORNEY AT LAW

2053 Woodbridge Ave.

Edison, NJ 08817

(Phone) 732-572-0500

 (Fax)    732-572-0030

www.njlaws.com 

 

Hyatt Metlife Will preparation for Merck employees online by Kenneth Vercammen’s Law Office without having to travel to law office and follow up consults over phone & online

 Hyatt Metlife Will preparation for Merck employees online by Kenneth Vercammen’s Law Office without having to travel to law office and follow up consults over phone & online. 

   To assist Hyatt Metlife members we now offer document preparation remotely and consults. We are concerned about your health and well being.
1. For Wills, Power of Attorney, Living Wills, please email Vercammenlaw@njlaws.com. We will email the interview form.

2. Metlife Hyatt attorney needs emailed:

Claim Number [s] __

Last four digits of Social  or Member ID 

    For example, in estate planning, Metlife Hyatt pays for 

-Wills for husband & wife   [need only one claim number for Wills]

-Power of Attorney for husband & wife  [need only one claim number for Power of Attorney]

-Living Will husband & wife [need only one claim number for Living Will]

   So obtain three claim numbers for estate planning.

HYATT Metlife members should call HYATT Metlife legal at 800.821.6400 to obtain an authorization numbers for each Will, Power of Attorney and Living Will you want. 

Members can also obtain authorization numbers online at https://members.legalplans.com/Home

Also determine if they use last four digits of Social or a member ID.

  The attorney cannot obtain that.

 

3. On Will Questionnaire Type response/ Fill in details., Email completed Will Questionnaire back. For Wills Please type up & fill out completely and email to vercammenlaw@njlaws.com.  Typing name and details is required. Save as word doc or text, not pdf. This form is extremely important. Your accuracy and completeness in responding will help us best help you. All sections and information must be filled out prior to discussing with the attorney. Cannot be handwritten since we cannot cut and paste into the forms.

4. Ken V will call to discuss after typed interview form received.

5.  We will draft documents and email to you.  Ken V will call to answer further questions
6. Sign documents in front of notary and two witnesses [ spouse ok as witness]. Signing instructions provided. UPS stores continue to be open and have notaries. 

    Stay safe but still get your important documents done. We strongly recommend all adults have a Power of Attorney prepared in the event they are temporarily incapacitated or hospitalized. We do require interview forms be completed in full and emailed back so we can provide accurate advice. The doctor’s office similarly has patients fill out details prior to the consult. We also recommend signing a Living Will with COMBINED ADVANCE DIRECTIVE FOR HEALTH CARE. 

       The Living Will contains a Power of Attorney for Health Care & Medical Decisions. In signing your Living Will, you will designate an individual you trust to act as your legally recognized health care representative to make health care decisions for you in the event you are unable to make decisions for yourself.

        We sometime sign in the parking lot if you bring a witness age over 20 and documents signed within 21 days of preparation.