Legal Question in Wills and Trusts in New Jersey

Re: Trust and Estate

You need to hire an attorney and perhaps a C.P.A.

I do not mean you should hire me.

Gary Moore, Esquire

Hackensack, New Jersey

www.garymooreattorneyatlaw.com

Re: Trust and Estate

Since the Deed is in the name of the Trust, all checks from the closing need be made payable to the Trust. Yes, you need a bank account, and a tax identification number. From what you write, it appears the trust was "revocable", so it may have been treated, during your parents lifetime, as a "grantor" trust (almost like they still owned the property individually). How were their personal taxreturns filed? Did they take the real estate tax deduction on their personal returns? This is indicative of a "grantor" trust. I have not seen the trust agreement or its language, but there must have been a provision naming successor trustees; probably one or more of the children. This needs to be reviewed so the proper peson/people sign the Deed for the closing. I can assist you in all phases of this matter, but would need to see a copy of the trust agreement. Depending upon the language of the document, there may be income and/or estate tax ramifications (depending upon the size of the estate of the survivor parent). Thus, you have potential estate and income tax exposures, plus accounting for the sale, and other matters, including the carrying out of the trust provisions and ultimate disposition of the trust assets. All of this should be reviewed before the closing, so all "i"s are dotted and "t"s crossed.