Legal Question in Wills and Trusts in New Jersey

Re: Settling an Estate

Dear sir or madam:

You need to obtain and tax ID number from the IRS (Form SS-4).

You should probably seek the assistance of an attorney to transfer title from the estate to your father and to record the deed.

Contact my office directly at [email protected] for a free initial consultation.

Anthony S. Park

Re: Settling an Estate

The estate will need to file an Inheritance Tax Return (NJ) and there will be a significant tax due 8 months after date of death. The property can't be transferred until the tax return is filed and the tax paid.

The tax I.D, number is available from the IRS website online.

Your parents should talk to a lawyer...this may be a simple estate, but it will become more complicated without some help or with bad advice.

Re: Settling an Estate

The ID number is from IRS. You can get it and fill it out on line if you know the executor's social security number and other information (go to IRS website and use Form SS-4, completing it for the estate). You will need their confirmation (which they will give you on line) along with an original Surrogate's Certificate to open the bank account. You can do the Deed yourself, although it is an Executor's Deed which is needed, not a standard general form. The title insurance would have been issued to your aunt when she purchased the house, or she may have done it again if she ever refinanced, so it may be in her papers with her original Deed. You do not need the insurance to do a new Deed, but it might be worth the small fee ($100 or so) to do a quick title search (any title company can do one) to verify there are no title problems today (like an open mortgage, liens or judgments against your aunt, tax liens, etc.) I would recommend this just to be on the safe side. I should call your attention to the fact that as her brother, with an estate asset worth $225M, there is a requirement to file a NJ Inheritance Tax Return (there will be some tax due as the inheritor, a brother, is not exempt from this death tax). At that time the State will also issue a Tax Waiver which also gets recorded, and evidences all inheritance taxes have been paid. The Waiver would be needed if your father ever goes to sell or transfer the house, so he can deliver good title to the new owner. If you need help in any of these matters, I can assist you. My fees are $250/hour and I would anticipate everything you need can be done in 3-5 hours, if it was a simple estate. Since an Inheritance Tax Return is required, I suggest you use an attorney familiar with NJ estates to assist you, whether it be me or someone else.