If separated, have a new Will and Power of Attorney drafted
see 2017 update Wills and Estate Planning- Free Seminar
Wednesday
June 14
12:15-1:00
PM
Law
Office of Kenneth Vercammen,
2053
Woodbridge Ave, Edison, NJ 08817
COST: Free if you
pre-register by email. Complimentary materials provided at 12:00 sharp. We
previously held this seminar for the Metuchen and Edison Adult schools. This
program is limited to 15 people. Please bring a canned food donation, which
will be given to a community food bank. Please email us if you plan on attending
or if you would like us to email the materials.
SPEAKER:
Kenneth Vercammen, Esq.
(Author-
ABA Wills and Estate Administration)
1. NJ Estate Tax eliminated on
Estates under $2,000,000 as of January 1, 2017
2.
NJ Inheritance Tax stays if assets are going to persons other than spouse or
children.
3. Federal Estate Tax exemption increased to $5.49 million in 2017 but gifts limited to $14,000 per person
4. Set up a testamentary trust in your Will for Protection for spouses and
leaving assets to children:
5.
We recommend Self- Proving Wills since witnesses often move or pass away
6. The New Probate law NJ Senate Law No. 708
7.
NJ Supreme Court holds if an executor or trustee violates fiduciary duty they
can be liable for attorneys fees
8. Power of Attorney- Do not use a form purchased online.
9. Federal Health Privacy Law (HIPAA)- Have a new Living Will prepared
10.
Competency required to sign a Will or Power of Attorney
COMPLIMENTARY
MATERIAL: Brochures on Wills, Probate and Administration of an Estate, Power of
Attorney, Living Wills, Real Estate Sales for Seniors, and Trusts.
Co-Sponsor:
Middlesex County Estate Planning Council
To
attend email VercammenLaw@Njlaws.com
Other
Information call 732-572-0500
Can’t
attend? We can email you materials
Send
email to VercammenLaw@Njlaws.com
2017 update Wills and Estate Planning
Seminar materials
By Kenneth Vercammen
1. NJ Estate Tax eliminated on
Estates under $2,000,000 as of January 1, 2017
2.
NJ Inheritance Tax stays if assets are going to persons other than spouse or
children.
3. Federal Estate Tax exemption increased to
$5.49 million in
2017 but gifts limited to $14,000 per person
4. Set up a testamentary trust in your Will for Protection for spouses and
leaving assets to children:
5.
We recommend Self- Proving Wills since witnesses often move or pass away
6.
The New Probate law NJ Senate Law No. 708 made a
7.
NJ Supreme Court holds if an executor or trustee violates fiduciary duty they
can be liable for attorneys fees
8. Power of Attorney- Do not use a form purchased online.
9. Federal Health Privacy Law (HIPAA)- Have a new Living Will prepared
10. Competency required to sign a Will or Power of Attorney
Materials also online at
http://njprobate.blogspot.com/2017/01/2017-update-wills-and-estate-planning.html
1. NJ Estate Tax eliminated on Estates under $2,000,000 as of
January 1, 2017
The new law phases out the estate tax
over two years, by first replacing the current $675,000 threshold with a “true”
exclusion amount established at $2.0 million for decedents dying on or after
January 1, 2017, and then eliminating the estate tax for decedents dying on and
after January 1, 2018.
P.L.
2016, c. 57 provides that the New Jersey Estate Tax exemption will increase
from $675,000 to $2 million for the estates of resident decedents dying on or
after January 1, 2017, but before January 1, 2018. For these estates, the
New Jersey Estate Tax no longer conforms to the provisions of the federal
Internal Revenue Code of 1986 in effect on December 31, 2001 and instead
follows the current federal Internal Revenue Code for determining the value of
the estate, which will be subject to New Jersey Estate Tax.
Married couples filing
jointly will, over the course of 4 years, exclude the first $100,000 in
retirement from their income from their taxes, up from the current amount of
$20,000.
There will be a $3,000
deduction for veterans of the armed forces.
2. NJ Inheritance Tax must be paid if
assets are going to persons other than spouse or children.
In addition to the Estate
Tax, New Jersey imposes an Inheritance Tax on the estates of certain resident
and nonresident decedents. P.L. 2016, c. 57 made no changes to the New Jersey
Inheritance Tax.
Even
if no inheritance tax due, a Tax Waiver on a house must still be obtained and
filed if the house was not co-owned by the spouse.
INHERITANCE TAX BENEFICIARY CLASSES
|
Class A
No Tax
|
(Does not
include a step-grandchild or great-step grandchild)
|
|
Class C
|
§Brother
or sister of a decedent
§Spouse
or surviving spouse of a child of a decedent
§Civil
union partner or surviving civil union partner (after 2/19/2007) of a child
of a decedent
|
|
Class D
|
§Anyone
not included in Classes A, C, or E
|
|
Class E
No Tax
|
Including, but not limited
to:
§Qualified charities §Religious institutions §Educational and medical institutions §Non-profit benevolent or scientific institutions §The State of New Jersey or any of its political subdivisions
See exempt
organizations Exempt Organizations:
"Class E transferee" means any of
the following:
• The State of New Jersey or any political subdivision thereof;
Any educational institution, church, hospital,
orphan asylum, public library or Bible and tract society or to, for the use
of or in trust for any institution or organization organized and operated
exclusively for religious, charitable, benevolent, scientific, literary or
education purposes, including any institution instructing the blind in the
use of dogs as guides, no part of the net earnings of which inures to the
benefit of any private stockholder or other individual or corporation;
provided, that the exemption does not extend to transfers of property to such
education institutions and organizations of other states, the District of
Columbia, territories and foreign countries which do not grant an equal and
like exemption of transfers of property for the benefit of such institutions
and organizations of this State.
|
2017 INHERITANCE
TAX RATES
First
$25,000.......................No tax is due
Next $1,075,000................ 11%
Next $300,000..................... 13%
Next $300,000..................... 14%
Over $1,700,000................... 16%
Class D [other people]
First
$700,000......................... 15%*
Over $700,000......................... 16%
Class E- charities
No tax is due
3. Federal Estate Tax exemption increased to
$5.49 million in
2017 but gifts limited to $14,000 per person
For 2017, the estate and gift tax exemption is $5.49
million per individual, up from $5.45 million in 2016.
That means
an individual can leave $5.49 million to heirs and pay no federal estate or
gift tax. A married couple will be able to shield just shy of $11 million
($10.98 million) from federal estate and gift taxes.
The annual gift exclusion
remains at $14,000 for 2017.
Gifts permitted without Federal Estate
& Gift tax remained at $14,000 per person. Gift Exclusions
The
annual exclusion for gifts is $11,000 (2004-2005), $12,000 (2006-2008), $13,000
(2009-2012) and $14,000 (2013-2017).
However, the amount permitted for Medicaid transfers
is zero.
4. Set up a testamentary trust in
your Will for Protection for spouses and leaving assets to children:
The Credit Shelter Trust
(sometimes referred to as a “Bypass Trust” or an “A/B Trust”) was a popular
estate planning technique used by married couples with combined assets to avoid
the NJ Estate Tax. A Testamentary Trust (sometimes referred to as a Will trust
or trust under will) is a trust, which arises upon the death of the testator
[person who signed the Will]. A Credit Shelter Trust is a type of Testamentary
Trust.
The purpose of the Credit Shelter Trust was to avoid the wasting
of federal and state exemptions on the death of the first spouse. Instead of
leaving all assets to the surviving spouse and thereby exposing the surviving
spouse’s estate to more tax, Nursing Home & Medicaid issues, plus elective
share by a future spouse, both spouse’s Wills are drafted to establish a Credit
Shelter Trust to come into existence and be funded on the first spouse’s death.
Since NJ is eliminating
the NJ Tax, a Testamentary Trust within the Will is still a useful device to
help ensure children and grandchildren with receive money down the road.
Otherwise, the surviving spouse can spend all the money in Atlantic City. The
surviving spouse could also get remarried and do a new Will leaving all assets
to the new spouse. Many families want to protect at least some of the money
from wasteful spending or a new spouse.
In a typical Testamentary Trust, the surviving spouse is
entitled to receive all of the income from the Trust for his or her lifetime,
and has the right to demand principal distributions for his or her health,
education, support and maintenance in his or her accustomed manner of living.
Distributions in excess of that standard require the cooperation of a
Co-Trustee – often an adult child of the surviving spouse or a trust department
of a bank.
If the
Testamentary Trust technique is implemented as part of a Client’s Estate Plan,
you can hire the attorneys for a separate fee to assist the Client in
re-titling his or her assets so that assets are available to fund the Credit
Shelter Trust. Re-titling is necessary because most Clients tend to hold assets
jointly with right of survivorship and assets must be titled individually in a
person’s name in order to be eligible to fund a Testamentary Trust. We work
with a tax attorney to help our clients. Protect your money if you pass away
and your spouse gets re-married or has to go into a nursing home.
Some
persons even hire an attorney to set up a personal residence trust or irrevocable
trust and have the assets taken out of your name and put into a trust or given
to children and grandchildren in the trust. Minimum fees for trust are $3,000.
This is not something a non-attorney can do on their own. It is also illegal
for a non-attorney to provide legal advice or prepare most legal
documents.
Beware of
the “Elective share” rights of a new spouse. Have a Prenuptial Agreement if
entering into a 2nd marriage
Currently, the new
spouse who is not given money in a Will can challenge the terms of the Will.
This is called "electing against the Will by a spouse". A spouse
could receive up to 1/3 of the estate, even if only married for 2 weeks. The
spouse must file a Caveat or lawsuit in Superior Court. We suggest a
formal prenuptial agreement in 2nd marriage situations. If there is
no Will, the new spouse receives 50% of the estate even if only married three
days.
5. We recommend proper Self-
Proving Wills since witnesses often move or pass away
An
old New Jersey Probate law required one of the two witnesses to a Will to
travel and appear in the Surrogate’s office and sign an affidavit to certify
they were a witness. This often created problems when the witness was deceased,
moved away, or simply could not be located. Some witnesses would require
a $500 fee to simply sign a surrogate paper. My Grandmother’s Will was not
self- proving, and the witness to Will extorted a $500 fee.
The
New Jersey Legislature later passed a law to create a type of Will called a
“Self-Proving Will.” In such a Will, the person for whom the Will is made
must sign. Then two witnesses sign. Then the attorney or notary
must sign; with certain statutory language to indicate the Will is
self-proving. Beware of online documents not prepared by an attorney. Never
use a cheap form on line. No one tries to do their own electrical work on their
home anymore or change their own oil. Have a professional do it right.
When
done properly, the executor does not have to locate any witnesses. This
usually saves time and money. If your Will is not “self-proving” or if
you are unsure, schedule an appointment with an estate planning attorney. Some
law offices ignore the revised law, and fail to prepare self proving Wills. Do
not use a law office that follows old methods and does not do a self-proving
Will.
6. The New Probate law NJ Senate Law
No. 708 made a number of substantial changes to the NJ probate laws.
Non-formal writings could be Wills under the New Probate Law provisions
governing the administration of estates and trusts in New Jersey. So make
sure you have a Formal Will drafted by an estate attorney.
You
must have your original Will. A photocopy cannot be admitted to probate. Don’t
leave the original in a Wells Fargo safe deposit box that cannot easily be
accessed by Executor 2.
The law expanded situations where
writings that are intended as Wills would be allowed, but requires that the
burden of proof on the proponent would be by clear and convincing evidence.
Possibly a Christmas card with handwritten notes could be presented as a Will
or Codicil. To present a non-formal Will or writing
requires an expensive Complaint and Order to Show Cause to be filed in the
Superior Court, and a hearing in front of a Superior Court Judge. Be
careful; have a Will done properly by an experienced attorney.
7. NJ Supreme Court holds if an
executor or trustee violates fiduciary duty they can be liable for attorneys
fees
In the Matter of the Estate of Adrian J. Folcher
(A-3-14) (074590) the NJ Supreme Court addressed improper acts by family members in the handling of
money and assets. In case of In re Niles Trust, 176 N.J. 282 (2003)
the Court declared that “when an executor or trustee commits the pernicious
tort of undue influence, an exception to the American Rule is created that
permits the estate to be made whole by an assessment of all reasonable counsel
fees against the fiduciary that were incurred by the estate.” 176 N.J.
at 298-99. The Court explained that “[a] fiduciary relationship exists
between a trustee and the trust[,] similar to the attorney-client
relationship,” and that “[both the attorney and a trustee act as officers of
the court when acting on behalf of clients and beneficiaries.” Id. at
297. The Court concluded that non-attorney status should not prevent an award
of attorneys’ fees in suits against trustees or executors for undue influence. Id.
at 299.
Thus, Niles
created an exception to the American Rule in trustee or executor undue
influence cases “based on the fiduciary’s intentional misconduct regardless of
his or her professional status.” Id. at 300.
Underscoring the
foundational importance of the finding of undue influence that supported
fee-shifting to a fiduciary and his facilitating cohort in Niles, the
Supreme Court declined to extend that fee-shifting exception in the
circumstances presented in Vayda. There, a non-attorney executor of an
estate was found to have acted negligently and with bad faith in his
administration of the estate, but he was not found to have committed undue
influence. Vayda, supra, 184 N.J. at 124. Reaffirming New
Jersey’s “strong public policy against” fee shifting, ibid. (quoting Niles,
supra, 176 N.J. at 293), the Court unanimously resisted the plea
to extend Niles. The Court pointed out instead that Rule
4:42-9(a)(3) provides a specific remedy in probate actions; attorneys’ fees
could be paid from the estate. Ibid.
Five years later, our
decision in Stockdale, supra, reaffirmed, albeit in dicta, the
narrowness of our fee-shifting exception created in Niles. 196 N.J.
at 307 (emphasizing that Niles was “directed solely to circumstances in
which ‘an executor or trustee commits the pernicious tort of undue influence’”
(quoting Niles, supra, 176 N.J. at 298)). The
circumstances of Stockdale provide guidance in the present matter.
Stockdale was a wealthy,
elderly, reclusive woman in declining health, who had planned to leave much of
her estate to a local charity (the first aid squad), when her neighbor Sollitto
insinuated himself into her life. Id. at 284-86. Through a series of
orchestrated acts, Sollitto with help from an attorney friend, Casale, had
Stockdale deed her home to Sollitto; amend her will; name Casale the executor
of the estate; make Sollitto the residual beneficiary; and forgive the
purchase-money mortgage she took when Sollitto purchased her home that covered
almost the entirety of the purchase price. Id. at 290-94.
The trial court found
that the Will was unenforceable as the product of undue influence. Id.
at 297. The transfer of Stockdale’s home, including the deed and the contract
of sale, was also found to be unenforceable. Ibid. The trial court
reinstated the original will -- the will naming the local charity as the
residual beneficiary. Ibid. Relying on Niles, the trial court
granted the charity attorneys’ fees as a form of punitive damages, reasoning
that undue influence is a form of intentional tort that can sustain a fee
award. Ibid. According to the trial court, the fee award was a measure
of punitive damages that was necessary to make the estate whole. Ibid.
The Appellate Division
reversed the fee award and “remanded for consideration of an award of punitive
damages.” Id. at 298. The fee award was not supported “under Niles
because Stockdale’s estate was not financially depleted by Casale’s and
Sollitto’s conduct.” Ibid.
Sollitto, and not the
first aid squad, filed a petition for certification, arguing that Niles
did not authorize a punitive award. Id. at 299. Thus the issue before
this Court was not the reversal of the fee award but rather whether punitive
damages could be a remedy for the undue influence tort in probate proceedings.
This Court found that
punitive damages were available in the probate part in the rare case. Id.
at 304. The Supreme Court noted that, in the usual undue influence case, “undue
influence is not a separately pleaded tort, but is the analytical framework
within which the decision about whether to admit a will to probate is made.” Ibid.
The main issue normally is which will to admit to probate. Ibid. If none
of the competing parties has gained control of the estate, the estate has
suffered no loss, and “the only remedy sought is the admission of a particular
will to probate.” Ibid.
However,
the Supreme Court explained that a tort-based claim for compensatory damages
can be asserted when the estate has suffered loss, if, for example, one of the
parties has depleted the estate’s assets. Ibid. Even then, a
compensatory award will be rare because equitable relief will usually suffice. Id.
at 304-05. An executor is generally entitled to a commission based on the value
of the estate; but if an executor engages in misconduct, his commission may be
surcharged, and his monies offset by the loss he caused the estate. Id.
at 305. Further, the Supreme Court explained that the surcharge “does not
equate with a compensatory award.” Ibid. When those remedies prove
inadequate, a compensatory award, and in turn a punitive award, can be
justified. Id. at 309.
Those who hold the legal title of executor or trustee
plainly owe a fiduciary duty to the beneficiaries of the estate or the trust
respectively. But there is no dispute on this record that Bernice was not
Folcher’s executor and that she did not owe a formal fiduciary duty to the
Estate or to its beneficiaries. Bernice was in a confidential relationship with
only her husband. The burden of establishing undue influence rests with the
party contesting the will. However, “[when there is a confidential relationship
coupled with suspicious circumstances, undue influence is presumed and the
burden of proof shifts to the Will proponent to overcome the presumption.” Stockdale,
supra, 196 N.J. at 303.
8. Power of Attorney- Do not use
a form purchased online.
A Power of Attorney
should contain reference to the NJ statute requiring banks to honor the Power
of Attorney. Section 2 of P.L. 1991, c. 95 (c. 46:2B-11). A NJ bank does not
have honor a Power of Attorney without the NJ language.
9. Federal Health Privacy Law
(HIPAA)- Have a new Living Will prepared
A federal regulation known as the Health Insurance Portability and
Accountability Act (HIPAA) was adopted regarding disclosure of individually
identifiable health information. This necessitated the addition of a special
release and consent authority to all healthcare providers before medical
information will be released to agents and interested persons of the
patients.
The
effects of HIPAA are far reaching, and can render previously executed estate
planning documents useless, without properly executed amendments, specifically
addressing these issues.
Any
previously executed Powers of Attorney, Living Wills, Revocable Living Trusts,
and certainly all Medical Directives now require HIPAA amendments. After
you sign the Living Will in your attorney’s office, provide a copy to your
doctor and family.
Powers of attorneys and Living Wills should be updated to reference this new
law. More information on the HIPAA law at http://www.njlaws.com/hipaa.html
10. Competency required to sign a Will or Power of Attorney
Attorneys cannot
prepare a Power of Attorney, Will or any other legal document unless a person
is mentally competent. If someone is unable to come into our office, we require
the client or client’s family to have the treating Doctor sign the “Doctor
Certification of Patient Capacity to Sign Legal Documents” It is the client or
client’s family’s responsibility to contact the doctor, obtain the signed
Certification at the clients’ expense, and then provide the law office with the
original signed Certification. A Law Office cannot accept phone calls stating
someone is competent. Therefore, it is wise do have your documents drafted
while you can drive and are healthy.
More information on Wills
and Probate at
To schedule an appointment for Wills and
Estate Planning
Contact KENNETH
VERCAMMEN & ASSOCIATES, PC
ATTORNEY AT LAW 2053 Woodbridge Ave. Edison, NJ
08817(Phone) 732-572-0500
If you or anyone you know needs an updated Will, Power
of Attorney or Living Will, please have them fill out our confidential
interview from and schedule a consult.
KENNETH VERCAMMEN &
ASSOCIATES, PC
ATTORNEY AT LAW
2053
Woodbridge Ave
Edison, NJ 08817
(Phone)
732-572-0500 (Fax) 732-572-0030
"CONFIDENTIAL WILL QUESTIONNAIRE"
Please fill out completely and fax or mail back. This form is extremely important.
Your accuracy and completeness in responding will help me best represent you.
All sections and information must be filled out prior to sitting down with the
attorney.
Please be sure to check all appropriate boxes. If "NONE", please state
"NONE".
If
"NOT APPLICABLE", please state "N/A" or none.
PLEASE PRINT CLEARLY
1.
Your Full Name: _______________________________
2.
IF MARRIED OR SEPARATED, complete (a) and (b) below:
(a)
Spouse's Full Name:
________________________
First
Last
3.
Your Street Address: _________________________
City
________________ State ____ Zip Code ______________
4.
Telephone
Numbers:
Cell:
_______________________________ ___________________
Day: ____________________/Night:
________________________
5.
E-mail address: _________________________
6.
Referred By: ___________________________
If referred by a person, is this a client or attorney? If you heard about
the law office on the Internet, what search terms did you use?
7.
Today's Date ____________________
We
recommend a Durable Power of Attorney in the event of your physical
or
mental disability to help you with financial affairs?
Yes ________ No ________
We
recommend a Living Will telling hospitals and doctors not to prolong your life
by artificial means, i.e. Terri Schiavo; Karen
Quinlan?
Yes ________ No ________
Confidential
Will Q
How
can we help you? What are your questions/other important information?
______________________________________________________
[It is required by Court Rules that all
pages be filled out in person's own handwriting prior to seeing the attorney]
8. Your Marital
Status: [ ] Single
[ ] Married
[ ]
Separated
[ ] Divorced [ ]
Widowed [ ] Domestic Partner
9.
Your Day/Month of birth: ___________________
10.
Spouse Day/Month of birth: _________________
11.
If you are the parent or legal guardian of a minor child or minor children,
please check here. [ ]
2. ESTATE EXECUTOR
The person charged with administering/Probating your estate, paying taxes
and/or other debts, preserving, managing, and distributing estate assets and
property is called an Executor. This person should be one in whom you have
trust and confidence. Your SPOUSE is usually named as primary Executor,
followed by the child who lives closest to your home.
Please provide the following information about the person you wish to name to
serve in this capacity.
1. PRIMARY Choice of Executor/Personal Representative
in Power of Attorney:
Name:
_________________ ______________________________
First
Last
Relationship: _______________ Address:
_________________
2. SECOND Choice of Executor/Personal Representative
in Power of Attorney:
This individual will serve in the event that the primary executor/personal
representative is not alive at the time of your death, or is unable to serve.
Name:
_________________________ _____________________
First
Last
Relationship: _______________ Address:
________________
The two proposed Executors must be
filled out prior to meeting the attorney. We do not recommend Joint Executors,
which often cause conflicts and additional work for the Estate. It is best to
select one primary person, then a secondary person. There is a reason why the
car only has one steering wheel.
Asset Information- Must Be Completed -
If none, write “none”
House/Real Estate Address
__________________________
Estimate Total Real Estate Value: ________ Approx
mortgage _____
Bank Accounts, Stocks, CDs and Assets: __________________
Approximate Amount ____________________________
Direct Beneficiaries of Accounts - If none write
"none" ________
Other Major Assets - If none, write "none"
_______________
Approximate Life Insurance: ___________
Beneficiary _______
In the Will- Who do you
want to get your assets:
Beneficiary
(1) __________________ Relationship _______________
Beneficiary (2) _______________ Relationship
_______________
Beneficiary (3) ___________ Relationship
_______________
It is required that assets and beneficiaries be filled out prior to seeing
the attorney
Any
Specific Bequests of Money and Property:
______________________________________________________
[ ] A. MARRIED PERSONS WITH CHILD(REN) OR
GRANDCHILD(REN).
Generally most married people provide that, upon their death, property will be
distributed as follows:
1. Your estate (all property and assets not owned jointly with another person)
will be distributed to your surviving spouse.
2. If your spouse predeceases you, then your estate will be divided in equal
shares among all of your living children, If any child shall predecease you,
then that child's share to their children (grandchildren).
Names of Children:
________________________
LIST THE NAMES AND AGES OF ALL CHILDREN EVEN IF
THEY ARE OLDER THAN EIGHTEEN. IF NO CHILDREN, WRITE NONE. If no minor
children, skip page 5.
III. GUARDIAN(S) OF MINOR
CHILD(REN) or Trustees of Trust
[Skip this section if you have NO minor children and DO NOT want a trust. There
are substantial additional fees for preparation of a Trust, minimum $2,500 for
stand alone trusts]
The surviving parent of a minor child is ordinarily entitled to be the GUARDIAN
of that child. In the case of simultaneous death of you and your spouse, or if
you are a single parent, you should appoint a Guardian for your minor child. It
is advisable, prior to the completion of this Questionnaire, to make sure that
your proposed Guardian(s) is (are) willing to serve as Guardian(s). In
addition, the Guardian will also hold the monies for the minor children UNLESS
you direct us otherwise. In your Will you can have any adult serve as Trustee
of monies for minor children.
Provide the following information about the person(s) you select to be
Guardian(s)/Trustee(s). In the event my spouse predeceases me, I name as
GUARDIAN(S)/ TRUSTEE(S):
1. PRIMARY Choice of GUARDIAN / TRUSTEE:
Full Name: _______________________________________
Relationship: ______________________________________
2. SECOND Choice of GUARDIAN / TRUSTEE:
Full Name: _______________________________________
Relationship:
_____________________________________
[ ] B. MARRIED PERSONS WITH NO CHILD(REN)
OR GRANDCHILD(REN).
Generally
most married people with no child(ren) or grandchild(ren) provide that upon
their death their property will be distributed as follows:
1. Your estate (all property and assets not
owned jointly with another person) will be distributed to your surviving
spouse, but
2. If your spouse predeceases you, then your
estate will be distributed to your living parent, or equally to your living
parents.
3. But should both of your parents predecease
you, then your estate will distributed equally to your brothers and sisters or
equally to the children of a predeceased brother or sister.
Please check B above only if you wish your property distributed precisely and
exactly as indicated in section B, 1 through 3, above.
Additional information on Wills,
Probate and Elder Law available at www.njlaws.com This form online at http://www.njlaws.com/will_questionnaire.html
[ ] C. DIVORCED OR WIDOWED PERSONS WITH
CHILD(REN) OR GRANDCHILD(REN). Generally, most divorced or widowed persons with
child(ren) or grandchild(ren) provide that upon their death property will be
distributed as follows: 1. Your estate (all property and assets not owned
jointly with another person) will be distributed in equal shares to all of your
living child(ren).
2. But if one or more of your children predeceases you, that deceased child's
share will be distributed to his or her child(ren), your grandchild(ren) in
equal shares
[ ] D. ALTERNATE PLAN OF DISTRIBUTION - You may list specific gifts
to individuals and/or divide your estate among several individuals by listing
percentages to each, making sure that the percentages total 100%. You may add
additional sheets if necessary or use the back of this form. There are
additional Will preparation fees if there are gifts, called specific bequests.
Are there any beneficiaries with special needs, or receiving SSI or SDD? Please
answer in detail
____________________________________
Are you or any of your
Beneficiaries are not United States citizens? _______
If
not US citizen, extra taxes apply.
Do you have any religious wishes on burial? ___
PLEASE WRITE DOWN ANY QUESTIONS YOU HAVE HERE or anything else important that
we should be aware. Use back of this page for additional important information:
____________________________________________________
ESTATE PLANNING
Your
estate may be subject to NJ Estate Taxation if the total of your assets ex 2017 update Wills and Estate Planning- Free Seminar
Wednesday
June 14
12:15-1:00
PM
Law
Office of Kenneth Vercammen,
2053
Woodbridge Ave, Edison, NJ 08817
COST: Free if you
pre-register by email. Complimentary materials provided at 12:00 sharp. We
previously held this seminar for the Metuchen and Edison Adult schools. This
program is limited to 15 people. Please bring a canned food donation, which
will be given to a community food bank. Please email us if you plan on attending
or if you would like us to email the materials.
SPEAKER:
Kenneth Vercammen, Esq.
(Author-
ABA Wills and Estate Administration)
1. NJ Estate Tax eliminated on
Estates under $2,000,000 as of January 1, 2017
2.
NJ Inheritance Tax stays if assets are going to persons other than spouse or
children.
3. Federal Estate Tax exemption increased to $5.49 million in 2017 but gifts limited to $14,000 per person
4. Set up a testamentary trust in your Will for Protection for spouses and
leaving assets to children:
5.
We recommend Self- Proving Wills since witnesses often move or pass away
6. The New Probate law NJ Senate Law No. 708
7.
NJ Supreme Court holds if an executor or trustee violates fiduciary duty they
can be liable for attorneys fees
8. Power of Attorney- Do not use a form purchased online.
9. Federal Health Privacy Law (HIPAA)- Have a new Living Will prepared
10.
Competency required to sign a Will or Power of Attorney
COMPLIMENTARY
MATERIAL: Brochures on Wills, Probate and Administration of an Estate, Power of
Attorney, Living Wills, Real Estate Sales for Seniors, and Trusts.
Co-Sponsor:
Middlesex County Estate Planning Council
To
attend email VercammenLaw@Njlaws.com
Other
Information call 732-572-0500
Can’t
attend? We can email you materials
Send
email to VercammenLaw@Njlaws.com
2017 update Wills and Estate Planning
Seminar materials
By Kenneth Vercammen
1. NJ Estate Tax eliminated on
Estates under $2,000,000 as of January 1, 2017
2.
NJ Inheritance Tax stays if assets are going to persons other than spouse or
children.
3. Federal Estate Tax exemption increased to
$5.49 million in
2017 but gifts limited to $14,000 per person
4. Set up a testamentary trust in your Will for Protection for spouses and
leaving assets to children:
5.
We recommend Self- Proving Wills since witnesses often move or pass away
6.
The New Probate law NJ Senate Law No. 708 made a
7.
NJ Supreme Court holds if an executor or trustee violates fiduciary duty they
can be liable for attorneys fees
8. Power of Attorney- Do not use a form purchased online.
9. Federal Health Privacy Law (HIPAA)- Have a new Living Will prepared
10. Competency required to sign a Will or Power of Attorney
Materials also online at
http://njprobate.blogspot.com/2017/01/2017-update-wills-and-estate-planning.html
1. NJ Estate Tax eliminated on Estates under $2,000,000 as of
January 1, 2017
The new law phases out the estate tax
over two years, by first replacing the current $675,000 threshold with a “true”
exclusion amount established at $2.0 million for decedents dying on or after
January 1, 2017, and then eliminating the estate tax for decedents dying on and
after January 1, 2018.
P.L.
2016, c. 57 provides that the New Jersey Estate Tax exemption will increase
from $675,000 to $2 million for the estates of resident decedents dying on or
after January 1, 2017, but before January 1, 2018. For these estates, the
New Jersey Estate Tax no longer conforms to the provisions of the federal
Internal Revenue Code of 1986 in effect on December 31, 2001 and instead
follows the current federal Internal Revenue Code for determining the value of
the estate, which will be subject to New Jersey Estate Tax.
Married couples filing
jointly will, over the course of 4 years, exclude the first $100,000 in
retirement from their income from their taxes, up from the current amount of
$20,000.
There will be a $3,000
deduction for veterans of the armed forces.
2. NJ Inheritance Tax must be paid if
assets are going to persons other than spouse or children.
In addition to the Estate
Tax, New Jersey imposes an Inheritance Tax on the estates of certain resident
and nonresident decedents. P.L. 2016, c. 57 made no changes to the New Jersey
Inheritance Tax.
Even
if no inheritance tax due, a Tax Waiver on a house must still be obtained and
filed if the house was not co-owned by the spouse.
INHERITANCE TAX BENEFICIARY CLASSES
|
Class A
No Tax
|
(Does not
include a step-grandchild or great-step grandchild)
|
|
Class C
|
§Brother
or sister of a decedent
§Spouse
or surviving spouse of a child of a decedent
§Civil
union partner or surviving civil union partner (after 2/19/2007) of a child
of a decedent
|
|
Class D
|
§Anyone
not included in Classes A, C, or E
|
|
Class E
No Tax
|
Including, but not limited
to:
§Qualified charities §Religious institutions §Educational and medical institutions §Non-profit benevolent or scientific institutions §The State of New Jersey or any of its political subdivisions
See exempt
organizations Exempt Organizations:
"Class E transferee" means any of
the following:
• The State of New Jersey or any political subdivision thereof;
Any educational institution, church, hospital,
orphan asylum, public library or Bible and tract society or to, for the use
of or in trust for any institution or organization organized and operated
exclusively for religious, charitable, benevolent, scientific, literary or
education purposes, including any institution instructing the blind in the
use of dogs as guides, no part of the net earnings of which inures to the
benefit of any private stockholder or other individual or corporation;
provided, that the exemption does not extend to transfers of property to such
education institutions and organizations of other states, the District of
Columbia, territories and foreign countries which do not grant an equal and
like exemption of transfers of property for the benefit of such institutions
and organizations of this State.
|
2017 INHERITANCE
TAX RATES
First
$25,000.......................No tax is due
Next $1,075,000................ 11%
Next $300,000..................... 13%
Next $300,000..................... 14%
Over $1,700,000................... 16%
Class D [other people]
First
$700,000......................... 15%*
Over $700,000......................... 16%
Class E- charities
No tax is due
3. Federal Estate Tax exemption increased to
$5.49 million in
2017 but gifts limited to $14,000 per person
For 2017, the estate and gift tax exemption is $5.49
million per individual, up from $5.45 million in 2016.
That means
an individual can leave $5.49 million to heirs and pay no federal estate or
gift tax. A married couple will be able to shield just shy of $11 million
($10.98 million) from federal estate and gift taxes.
The annual gift exclusion
remains at $14,000 for 2017.
Gifts permitted without Federal Estate
& Gift tax remained at $14,000 per person. Gift Exclusions
The
annual exclusion for gifts is $11,000 (2004-2005), $12,000 (2006-2008), $13,000
(2009-2012) and $14,000 (2013-2017).
However, the amount permitted for Medicaid transfers
is zero.
4. Set up a testamentary trust in
your Will for Protection for spouses and leaving assets to children:
The Credit Shelter Trust
(sometimes referred to as a “Bypass Trust” or an “A/B Trust”) was a popular
estate planning technique used by married couples with combined assets to avoid
the NJ Estate Tax. A Testamentary Trust (sometimes referred to as a Will trust
or trust under will) is a trust, which arises upon the death of the testator
[person who signed the Will]. A Credit Shelter Trust is a type of Testamentary
Trust.
The purpose of the Credit Shelter Trust was to avoid the wasting
of federal and state exemptions on the death of the first spouse. Instead of
leaving all assets to the surviving spouse and thereby exposing the surviving
spouse’s estate to more tax, Nursing Home & Medicaid issues, plus elective
share by a future spouse, both spouse’s Wills are drafted to establish a Credit
Shelter Trust to come into existence and be funded on the first spouse’s death.
Since NJ is eliminating
the NJ Tax, a Testamentary Trust within the Will is still a useful device to
help ensure children and grandchildren with receive money down the road.
Otherwise, the surviving spouse can spend all the money in Atlantic City. The
surviving spouse could also get remarried and do a new Will leaving all assets
to the new spouse. Many families want to protect at least some of the money
from wasteful spending or a new spouse.
In a typical Testamentary Trust, the surviving spouse is
entitled to receive all of the income from the Trust for his or her lifetime,
and has the right to demand principal distributions for his or her health,
education, support and maintenance in his or her accustomed manner of living.
Distributions in excess of that standard require the cooperation of a
Co-Trustee – often an adult child of the surviving spouse or a trust department
of a bank.
If the
Testamentary Trust technique is implemented as part of a Client’s Estate Plan,
you can hire the attorneys for a separate fee to assist the Client in
re-titling his or her assets so that assets are available to fund the Credit
Shelter Trust. Re-titling is necessary because most Clients tend to hold assets
jointly with right of survivorship and assets must be titled individually in a
person’s name in order to be eligible to fund a Testamentary Trust. We work
with a tax attorney to help our clients. Protect your money if you pass away
and your spouse gets re-married or has to go into a nursing home.
Some
persons even hire an attorney to set up a personal residence trust or irrevocable
trust and have the assets taken out of your name and put into a trust or given
to children and grandchildren in the trust. Minimum fees for trust are $3,000.
This is not something a non-attorney can do on their own. It is also illegal
for a non-attorney to provide legal advice or prepare most legal
documents.
Beware of
the “Elective share” rights of a new spouse. Have a Prenuptial Agreement if
entering into a 2nd marriage
Currently, the new
spouse who is not given money in a Will can challenge the terms of the Will.
This is called "electing against the Will by a spouse". A spouse
could receive up to 1/3 of the estate, even if only married for 2 weeks. The
spouse must file a Caveat or lawsuit in Superior Court. We suggest a
formal prenuptial agreement in 2nd marriage situations. If there is
no Will, the new spouse receives 50% of the estate even if only married three
days.
5. We recommend proper Self-
Proving Wills since witnesses often move or pass away
An
old New Jersey Probate law required one of the two witnesses to a Will to
travel and appear in the Surrogate’s office and sign an affidavit to certify
they were a witness. This often created problems when the witness was deceased,
moved away, or simply could not be located. Some witnesses would require
a $500 fee to simply sign a surrogate paper. My Grandmother’s Will was not
self- proving, and the witness to Will extorted a $500 fee.
The
New Jersey Legislature later passed a law to create a type of Will called a
“Self-Proving Will.” In such a Will, the person for whom the Will is made
must sign. Then two witnesses sign. Then the attorney or notary
must sign; with certain statutory language to indicate the Will is
self-proving. Beware of online documents not prepared by an attorney. Never
use a cheap form on line. No one tries to do their own electrical work on their
home anymore or change their own oil. Have a professional do it right.
When
done properly, the executor does not have to locate any witnesses. This
usually saves time and money. If your Will is not “self-proving” or if
you are unsure, schedule an appointment with an estate planning attorney. Some
law offices ignore the revised law, and fail to prepare self proving Wills. Do
not use a law office that follows old methods and does not do a self-proving
Will.
6. The New Probate law NJ Senate Law
No. 708 made a number of substantial changes to the NJ probate laws.
Non-formal writings could be Wills under the New Probate Law provisions
governing the administration of estates and trusts in New Jersey. So make
sure you have a Formal Will drafted by an estate attorney.
You
must have your original Will. A photocopy cannot be admitted to probate. Don’t
leave the original in a Wells Fargo safe deposit box that cannot easily be
accessed by Executor 2.
The law expanded situations where
writings that are intended as Wills would be allowed, but requires that the
burden of proof on the proponent would be by clear and convincing evidence.
Possibly a Christmas card with handwritten notes could be presented as a Will
or Codicil. To present a non-formal Will or writing
requires an expensive Complaint and Order to Show Cause to be filed in the
Superior Court, and a hearing in front of a Superior Court Judge. Be
careful; have a Will done properly by an experienced attorney.
7. NJ Supreme Court holds if an
executor or trustee violates fiduciary duty they can be liable for attorneys
fees
In the Matter of the Estate of Adrian J. Folcher
(A-3-14) (074590) the NJ Supreme Court addressed improper acts by family members in the handling of
money and assets. In case of In re Niles Trust, 176 N.J. 282 (2003)
the Court declared that “when an executor or trustee commits the pernicious
tort of undue influence, an exception to the American Rule is created that
permits the estate to be made whole by an assessment of all reasonable counsel
fees against the fiduciary that were incurred by the estate.” 176 N.J.
at 298-99. The Court explained that “[a] fiduciary relationship exists
between a trustee and the trust[,] similar to the attorney-client
relationship,” and that “[both the attorney and a trustee act as officers of
the court when acting on behalf of clients and beneficiaries.” Id. at
297. The Court concluded that non-attorney status should not prevent an award
of attorneys’ fees in suits against trustees or executors for undue influence. Id.
at 299.
Thus, Niles
created an exception to the American Rule in trustee or executor undue
influence cases “based on the fiduciary’s intentional misconduct regardless of
his or her professional status.” Id. at 300.
Underscoring the
foundational importance of the finding of undue influence that supported
fee-shifting to a fiduciary and his facilitating cohort in Niles, the
Supreme Court declined to extend that fee-shifting exception in the
circumstances presented in Vayda. There, a non-attorney executor of an
estate was found to have acted negligently and with bad faith in his
administration of the estate, but he was not found to have committed undue
influence. Vayda, supra, 184 N.J. at 124. Reaffirming New
Jersey’s “strong public policy against” fee shifting, ibid. (quoting Niles,
supra, 176 N.J. at 293), the Court unanimously resisted the plea
to extend Niles. The Court pointed out instead that Rule
4:42-9(a)(3) provides a specific remedy in probate actions; attorneys’ fees
could be paid from the estate. Ibid.
Five years later, our
decision in Stockdale, supra, reaffirmed, albeit in dicta, the
narrowness of our fee-shifting exception created in Niles. 196 N.J.
at 307 (emphasizing that Niles was “directed solely to circumstances in
which ‘an executor or trustee commits the pernicious tort of undue influence’”
(quoting Niles, supra, 176 N.J. at 298)). The
circumstances of Stockdale provide guidance in the present matter.
Stockdale was a wealthy,
elderly, reclusive woman in declining health, who had planned to leave much of
her estate to a local charity (the first aid squad), when her neighbor Sollitto
insinuated himself into her life. Id. at 284-86. Through a series of
orchestrated acts, Sollitto with help from an attorney friend, Casale, had
Stockdale deed her home to Sollitto; amend her will; name Casale the executor
of the estate; make Sollitto the residual beneficiary; and forgive the
purchase-money mortgage she took when Sollitto purchased her home that covered
almost the entirety of the purchase price. Id. at 290-94.
The trial court found
that the Will was unenforceable as the product of undue influence. Id.
at 297. The transfer of Stockdale’s home, including the deed and the contract
of sale, was also found to be unenforceable. Ibid. The trial court
reinstated the original will -- the will naming the local charity as the
residual beneficiary. Ibid. Relying on Niles, the trial court
granted the charity attorneys’ fees as a form of punitive damages, reasoning
that undue influence is a form of intentional tort that can sustain a fee
award. Ibid. According to the trial court, the fee award was a measure
of punitive damages that was necessary to make the estate whole. Ibid.
The Appellate Division
reversed the fee award and “remanded for consideration of an award of punitive
damages.” Id. at 298. The fee award was not supported “under Niles
because Stockdale’s estate was not financially depleted by Casale’s and
Sollitto’s conduct.” Ibid.
Sollitto, and not the
first aid squad, filed a petition for certification, arguing that Niles
did not authorize a punitive award. Id. at 299. Thus the issue before
this Court was not the reversal of the fee award but rather whether punitive
damages could be a remedy for the undue influence tort in probate proceedings.
This Court found that
punitive damages were available in the probate part in the rare case. Id.
at 304. The Supreme Court noted that, in the usual undue influence case, “undue
influence is not a separately pleaded tort, but is the analytical framework
within which the decision about whether to admit a will to probate is made.” Ibid.
The main issue normally is which will to admit to probate. Ibid. If none
of the competing parties has gained control of the estate, the estate has
suffered no loss, and “the only remedy sought is the admission of a particular
will to probate.” Ibid.
However,
the Supreme Court explained that a tort-based claim for compensatory damages
can be asserted when the estate has suffered loss, if, for example, one of the
parties has depleted the estate’s assets. Ibid. Even then, a
compensatory award will be rare because equitable relief will usually suffice. Id.
at 304-05. An executor is generally entitled to a commission based on the value
of the estate; but if an executor engages in misconduct, his commission may be
surcharged, and his monies offset by the loss he caused the estate. Id.
at 305. Further, the Supreme Court explained that the surcharge “does not
equate with a compensatory award.” Ibid. When those remedies prove
inadequate, a compensatory award, and in turn a punitive award, can be
justified. Id. at 309.
Those who hold the legal title of executor or trustee
plainly owe a fiduciary duty to the beneficiaries of the estate or the trust
respectively. But there is no dispute on this record that Bernice was not
Folcher’s executor and that she did not owe a formal fiduciary duty to the
Estate or to its beneficiaries. Bernice was in a confidential relationship with
only her husband. The burden of establishing undue influence rests with the
party contesting the will. However, “[when there is a confidential relationship
coupled with suspicious circumstances, undue influence is presumed and the
burden of proof shifts to the Will proponent to overcome the presumption.” Stockdale,
supra, 196 N.J. at 303.
8. Power of Attorney- Do not use
a form purchased online.
A Power of Attorney
should contain reference to the NJ statute requiring banks to honor the Power
of Attorney. Section 2 of P.L. 1991, c. 95 (c. 46:2B-11). A NJ bank does not
have honor a Power of Attorney without the NJ language.
9. Federal Health Privacy Law
(HIPAA)- Have a new Living Will prepared
A federal regulation known as the Health Insurance Portability and
Accountability Act (HIPAA) was adopted regarding disclosure of individually
identifiable health information. This necessitated the addition of a special
release and consent authority to all healthcare providers before medical
information will be released to agents and interested persons of the
patients.
The
effects of HIPAA are far reaching, and can render previously executed estate
planning documents useless, without properly executed amendments, specifically
addressing these issues.
Any
previously executed Powers of Attorney, Living Wills, Revocable Living Trusts,
and certainly all Medical Directives now require HIPAA amendments. After
you sign the Living Will in your attorney’s office, provide a copy to your
doctor and family.
Powers of attorneys and Living Wills should be updated to reference this new
law. More information on the HIPAA law at http://www.njlaws.com/hipaa.html
10. Competency required to sign a Will or Power of Attorney
Attorneys cannot
prepare a Power of Attorney, Will or any other legal document unless a person
is mentally competent. If someone is unable to come into our office, we require
the client or client’s family to have the treating Doctor sign the “Doctor
Certification of Patient Capacity to Sign Legal Documents” It is the client or
client’s family’s responsibility to contact the doctor, obtain the signed
Certification at the clients’ expense, and then provide the law office with the
original signed Certification. A Law Office cannot accept phone calls stating
someone is competent. Therefore, it is wise do have your documents drafted
while you can drive and are healthy.
More information on Wills
and Probate at
To schedule an appointment for Wills and
Estate Planning
Contact KENNETH
VERCAMMEN & ASSOCIATES, PC
ATTORNEY AT LAW 2053 Woodbridge Ave. Edison, NJ
08817(Phone) 732-572-0500
If you or anyone you know needs an updated Will, Power
of Attorney or Living Will, please have them fill out our confidential
interview from and schedule a consult.
KENNETH VERCAMMEN &
ASSOCIATES, PC
ATTORNEY AT LAW
2053
Woodbridge Ave
Edison, NJ 08817
(Phone)
732-572-0500 (Fax) 732-572-0030
"CONFIDENTIAL WILL QUESTIONNAIRE"
Please fill out completely and fax or mail back. This form is extremely important.
Your accuracy and completeness in responding will help me best represent you.
All sections and information must be filled out prior to sitting down with the
attorney.
Please be sure to check all appropriate boxes. If "NONE", please state
"NONE".
If
"NOT APPLICABLE", please state "N/A" or none.
PLEASE PRINT CLEARLY
1.
Your Full Name: _______________________________
2.
IF MARRIED OR SEPARATED, complete (a) and (b) below:
(a)
Spouse's Full Name:
________________________
First
Last
3.
Your Street Address: _________________________
City
________________ State ____ Zip Code ______________
4.
Telephone
Numbers:
Cell:
_______________________________ ___________________
Day: ____________________/Night:
________________________
5.
E-mail address: _________________________
6.
Referred By: ___________________________
If referred by a person, is this a client or attorney? If you heard about
the law office on the Internet, what search terms did you use?
7.
Today's Date ____________________
We
recommend a Durable Power of Attorney in the event of your physical
or
mental disability to help you with financial affairs?
Yes ________ No ________
We
recommend a Living Will telling hospitals and doctors not to prolong your life
by artificial means, i.e. Terri Schiavo; Karen
Quinlan?
Yes ________ No ________
Confidential
Will Q
How
can we help you? What are your questions/other important information?
______________________________________________________
[It is required by Court Rules that all
pages be filled out in person's own handwriting prior to seeing the attorney]
8. Your Marital
Status: [ ] Single
[ ] Married
[ ]
Separated
[ ] Divorced [ ]
Widowed [ ] Domestic Partner
9.
Your Day/Month of birth: ___________________
10.
Spouse Day/Month of birth: _________________
11.
If you are the parent or legal guardian of a minor child or minor children,
please check here. [ ]
2. ESTATE EXECUTOR
The person charged with administering/Probating your estate, paying taxes
and/or other debts, preserving, managing, and distributing estate assets and
property is called an Executor. This person should be one in whom you have
trust and confidence. Your SPOUSE is usually named as primary Executor,
followed by the child who lives closest to your home.
Please provide the following information about the person you wish to name to
serve in this capacity.
1. PRIMARY Choice of Executor/Personal Representative
in Power of Attorney:
Name:
_________________ ______________________________
First
Last
Relationship: _______________ Address:
_________________
2. SECOND Choice of Executor/Personal Representative
in Power of Attorney:
This individual will serve in the event that the primary executor/personal
representative is not alive at the time of your death, or is unable to serve.
Name:
_________________________ _____________________
First
Last
Relationship: _______________ Address:
________________
The two proposed Executors must be
filled out prior to meeting the attorney. We do not recommend Joint Executors,
which often cause conflicts and additional work for the Estate. It is best to
select one primary person, then a secondary person. There is a reason why the
car only has one steering wheel.
Asset Information- Must Be Completed -
If none, write “none”
House/Real Estate Address
__________________________
Estimate Total Real Estate Value: ________ Approx
mortgage _____
Bank Accounts, Stocks, CDs and Assets: __________________
Approximate Amount ____________________________
Direct Beneficiaries of Accounts - If none write
"none" ________
Other Major Assets - If none, write "none"
_______________
Approximate Life Insurance: ___________
Beneficiary _______
In the Will- Who do you
want to get your assets:
Beneficiary
(1) __________________ Relationship _______________
Beneficiary (2) _______________ Relationship
_______________
Beneficiary (3) ___________ Relationship
_______________
It is required that assets and beneficiaries be filled out prior to seeing
the attorney
Any
Specific Bequests of Money and Property:
______________________________________________________
[ ] A. MARRIED PERSONS WITH CHILD(REN) OR
GRANDCHILD(REN).
Generally most married people provide that, upon their death, property will be
distributed as follows:
1. Your estate (all property and assets not owned jointly with another person)
will be distributed to your surviving spouse.
2. If your spouse predeceases you, then your estate will be divided in equal
shares among all of your living children, If any child shall predecease you,
then that child's share to their children (grandchildren).
Names of Children:
________________________
LIST THE NAMES AND AGES OF ALL CHILDREN EVEN IF
THEY ARE OLDER THAN EIGHTEEN. IF NO CHILDREN, WRITE NONE. If no minor
children, skip page 5.
III. GUARDIAN(S) OF MINOR
CHILD(REN) or Trustees of Trust
[Skip this section if you have NO minor children and DO NOT want a trust. There
are substantial additional fees for preparation of a Trust, minimum $2,500 for
stand alone trusts]
The surviving parent of a minor child is ordinarily entitled to be the GUARDIAN
of that child. In the case of simultaneous death of you and your spouse, or if
you are a single parent, you should appoint a Guardian for your minor child. It
is advisable, prior to the completion of this Questionnaire, to make sure that
your proposed Guardian(s) is (are) willing to serve as Guardian(s). In
addition, the Guardian will also hold the monies for the minor children UNLESS
you direct us otherwise. In your Will you can have any adult serve as Trustee
of monies for minor children.
Provide the following information about the person(s) you select to be
Guardian(s)/Trustee(s). In the event my spouse predeceases me, I name as
GUARDIAN(S)/ TRUSTEE(S):
1. PRIMARY Choice of GUARDIAN / TRUSTEE:
Full Name: _______________________________________
Relationship: ______________________________________
2. SECOND Choice of GUARDIAN / TRUSTEE:
Full Name: _______________________________________
Relationship:
_____________________________________
[ ] B. MARRIED PERSONS WITH NO CHILD(REN)
OR GRANDCHILD(REN).
Generally
most married people with no child(ren) or grandchild(ren) provide that upon
their death their property will be distributed as follows:
1. Your estate (all property and assets not
owned jointly with another person) will be distributed to your surviving
spouse, but
2. If your spouse predeceases you, then your
estate will be distributed to your living parent, or equally to your living
parents.
3. But should both of your parents predecease
you, then your estate will distributed equally to your brothers and sisters or
equally to the children of a predeceased brother or sister.
Please check B above only if you wish your property distributed precisely and
exactly as indicated in section B, 1 through 3, above.
Additional information on Wills,
Probate and Elder Law available at www.njlaws.com This form online at http://www.njlaws.com/will_questionnaire.html
[ ] C. DIVORCED OR WIDOWED PERSONS WITH
CHILD(REN) OR GRANDCHILD(REN). Generally, most divorced or widowed persons with
child(ren) or grandchild(ren) provide that upon their death property will be
distributed as follows: 1. Your estate (all property and assets not owned
jointly with another person) will be distributed in equal shares to all of your
living child(ren).
2. But if one or more of your children predeceases you, that deceased child's
share will be distributed to his or her child(ren), your grandchild(ren) in
equal shares
[ ] D. ALTERNATE PLAN OF DISTRIBUTION - You may list specific gifts
to individuals and/or divide your estate among several individuals by listing
percentages to each, making sure that the percentages total 100%. You may add
additional sheets if necessary or use the back of this form. There are
additional Will preparation fees if there are gifts, called specific bequests.
Are there any beneficiaries with special needs, or receiving SSI or SDD? Please
answer in detail
____________________________________
Are you or any of your
Beneficiaries are not United States citizens? _______
If
not US citizen, extra taxes apply.
Do you have any religious wishes on burial? ___
PLEASE WRITE DOWN ANY QUESTIONS YOU HAVE HERE or anything else important that
we should be aware. Use back of this page for additional important information:
____________________________________________________
ESTATE PLANNING
Your
estate may be subject to NJ Estate Taxation if the total of your assets exceeds
$2,000,000. If your assets exceed $2,000,000 and you desire estate planning
to avoid or reduce your estate tax or require a Trust to protect a spouse,
please advise Mr. Vercammen. A Standard Will is not designed to address
estate tax issues. We do not do Medicaid Nursing Home Planning.
WILLS:
T
1- Parents with minor children and trust for children
____________
T
2- Parents no spouse ____________
T
3 Unmarried
____________
T
4- Parents without trust ____________
T
5- Spouse/ Children Trust if assets over $1
million?
____________
PAYMENT WILL BE MADE BY: (Please circle one)
Check,
Credit Card (Visa, MasterCard, American Express) or Cash
Checks are payable to
Vercammen PC
Payment is required for Will, Power of Attorney and other document preparation
at the first consult and prior to any documents being drafted. Minimum fee for
Last Will and Testament preparation is $200 each. We charge a $150.00
consultation fee, which is credited to the preparation of the Will or other
document. This $150.00 fee is non-refundable even if the documents are not
prepared. If there are any changes to a draft Will, Power of Attorney, or other
document, there will be a minimum charge of $75.00 per revision. The Will needs
to be signed within 21 days of initial consult or an additional fee of $100.00
will be charged. Due to complexity and need to re-title assets, Fees for Trusts
are minimum $2,500.
This form was filled out by:
_________________________
sign
name
Copyright 2017
Vercammen Law
ceeds
$2,000,000. If your assets exceed $2,000,000 and you desire estate planning
to avoid or reduce your estate tax or require a Trust to protect a spouse,
please advise Mr. Vercammen. A Standard Will is not designed to address
estate tax issues. We do not do Medicaid Nursing Home Planning.
WILLS:
T
1- Parents with minor children and trust for children
____________
T
2- Parents no spouse ____________
T
3 Unmarried
____________
T
4- Parents without trust ____________
T
5- Spouse/ Children Trust if assets over $1
million?
____________
PAYMENT WILL BE MADE BY: (Please circle one)
Check,
Credit Card (Visa, MasterCard, American Express) or Cash
Checks are payable to
Vercammen PC
Payment is required for Will, Power of Attorney and other document preparation
at the first consult and prior to any documents being drafted. Minimum fee for
Last Will and Testament preparation is $200 each. We charge a $150.00
consultation fee, which is credited to the preparation of the Will or other
document. This $150.00 fee is non-refundable even if the documents are not
prepared. If there are any changes to a draft Will, Power of Attorney, or other
document, there will be a minimum charge of $75.00 per revision. The Will needs
to be signed within 21 days of initial consult or an additional fee of $100.00
will be charged. Due to complexity and need to re-title assets, Fees for Trusts
are minimum $2,500.
This form was filled out by:
_________________________
sign
name
Copyright 2017
Vercammen Law
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