Blog & Resources

From our “Ask a Question” mailbag: I have some very nice pieces of jewelry that I would like to make sure stays in the family, passing from oldest daughter to oldest daughter. Can I form a trust in my will to hold jewelry?

Yes, in your will, you can form a trust to hold almost anything. In the past, I have formed trusts to hold real estate, artwork, and even a rather unique chair. The trust’s terms can be crafted to suit your needs, including making sure your jewelry is held for the eldest daughter.

From our “Ask a Question” mailbag: I was surprised to learn that my uncle named me executor of his estate, but now I think I know why. My uncle was a private guy. In opening up a storage locker he had rented, I found what I could only describe as a mountain of gay porn. My uncle was a single man who never came out. I think he knew that I would handle this discovery discreetly, as his sisters are very homophobic. If they knew about this locker they would be really upset. I was going to just dump the locker contents, but a friend told me that this stuff might be worth as much as $20,000. As executor of my uncle’s estate, what do I do with his mountain of gay porn?

As executor, you have a duty to gather together estate assets for the beneficiaries. The porn you found is an asset, which might be worth a substantial amount. If you dump it into the trash and the beneficiaries find out and complain, you could then be found responsible for a ,000 loss, be “surcharged,” and have to put your own money into the estate.

From our “Ask a Question” mailbag: My mother passed away in Camden County, New Jersey divorced, with four adult children, leaving no will. She only owned a house, but it has a mortgage taken out by her boyfriend. How do we sell the house?

When a person dies a resident of New Jersey without a will, they die “intestate.” New Jersey has a set of rules that dictate who has the right to Petition the Camden County Surrogate to be named the Administrator of an intestate estate. In your case, all four children have this right.

From our “Ask a Question” mailbag: I am the administrator of my brother’s estate in Bucks County, Pennsylvania. I have advertised the estate and paid all the valid creditors, but a neighbor of my brother has made a claim for $50,000 that I believe has no validity. Can I distribute the estate funds without paying him?

The quick answer is yes, but the right answer is that you should not.

As the executor, you are free to make “at risk” distributions. An “at risk” distribution is that may put your personal assets at risk. Your Bucks County Estate Administration Lawyer works hard to keep you out of trouble. If you ignore your brother’s neighbor, you could be putting yourself at risk.

From our “Ask a Question” mailbag: Before she died, my mother lived in my Philadelphia home and required around-the-clock care, which I provided. My brother and sister did not even visit. Now that she has died, her estate is being divided up between us and my siblings refuse to compensate me for all the work I did caring for our mom. Can I make a claim to be paid?

Your mother’s estate is to be divided up between the heirs as her will dictates, or through the rules of intestacy if she had no will. Prior to the division of the assets, all creditors will be paid. If you have no agreement showing that you were doing the work for a fee, it will be difficult to prove that you are a creditor.

From our “Ask a Question” mailbag: My brother has filed a will with the Surrogate that I believe is not my mother’s will. I want to contest the will, but how long do I have to file the will challenge?

Once the will is filed and accepted by the Surrogate, to challenge the will you must have a complaint filed in the proper format with the New Jersey Superior Court Clerk. If you are a New Jersey resident, you only have four months to file the complaint. if you live outside New Jersey, you have six months.

From our “Ask a Question” mailbag: Who will get my Phillies baseball tickets at my death? I have season tickets and I go to most games. So, if I died during the season, I would have all the remaining tickets for that season. But, who would be able to buy the seats the following year? My will does not specifically say who gets the tickets. All my assets are divided between my two children, but they do not get along and they both would like the tickets. (But only one can really afford to pay for them each year.)

If your will says that all assets are divided equally between your children, then your remaining Phillies seasons Tickets would be part of that calculation. Your kids could split them equally, or one child could take them and the other some other asset of equal value.

From our “Ask a Question” mailbag: My husband died many years ago and is buried in Florida. I moved back to New York and plan to die a New Yorker. It is important to me that at my death I am buried here in New York. The problem is that my only son is my executor and he wants to bury me with my husband in Florida. I feel that after I die he will not respect my wishes. How do I make sure my wishes are respected?

New York gives you the power to nominate a person in your will who controls all aspects of your funeral arrangements and internment. It is important in your case to utilize that power, otherwise at your death your son as executor and as the only child will have complete control.

From our “Ask a Question” mailbag: < strong>My estate is worth about $4,000,000, which includes a $1,000,000 life insurance policy. At my death, my estate passes to my two children. Now that the Federal Estate Tax Exemption is at $5,000,000.00, what good is an Irrevocable Life Insurance Trust for me?

In rough terms, as long as your estate stays under $5,000,000.00 (adjusted for inflation) at your death your estate will not owe any Federal Estate Tax, but you are a resident of Camden County, New Jersey, so you are forgetting about the New Jersey Inheritance Tax and the New Jersey Estate Tax. If your assets pass to your children, the New Jersey Inheritance Tax will be zero, but the New Jersey Estate Tax taxes all assets over $675,000.00.

From our “Ask a Question” mailbag: Does the Pennsylvania Inheritance Tax include my mother’s antiques?

If your mother died a Pennsylvania resident, then the estate must pay the Pennsylvania Inheritance Tax on the fair market value of all of her taxable assets, including her antiques.

If these antiques are passing to you, the tax rate will be 4.5%, due within nine months of her death.