Hello and welcome to the Kafir Camon Legal Podcast. In this edition, we look at probate cases in the sale of a house and probate matters. Typically, in most states, the biggest asset is the sale of the house. So, when the executor is signing the contract for sale, they don't want to make any representations because they are not the one living in the house. Usually, we amend the contract to ensure that the executor is not making any representations regarding the house, the neighborhood, or oil tanks. We let the buyers have their own inspections, such as a home inspection, tournament inspection, or oil tank inspection. If the buyer doesn't want the house after their inspections, they can cancel the contract. Once the attorney reviews and approves everything, the buyer does their inspections, and the paperwork is completed, the seller needs to fill out forms indicating that there are no federal or state taxes due. The attorney for the estate will obtain a New Jersey estate tax waiver on the house and file it with the County Clerk's office. After the closing, the money from the sale gets paid to the estate. Additionally, the attorney for the seller prepares the deed, affidavit of title, sellers residency certification, and exemption, if applicable. For more information on the sale of a probate estate in New Jersey, you can visit the websites NJLaws.com or NJWillsProbateLaw.com. If you need representation for probate matters, please contact the Law Office of Kenneth Vercammen in Edison at 732-572-0500. Thank you.
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645 election no probate estate Form: What You Should Know
Separate shares The trust is treated as a separate entity from the individual trust The ART is a separate entity from the trust. A. The Trust is treated as a Separate Entity. (ART's) _____ Separate entity from the individual trust. _____ A Separate entity from the ART.  Trusts with a 5,000,000 or more in assets (not including the trust's annuity payment from the ART's assets) (ART's) do not need to be treated as a separate entity, nor does the ART need to be treated as an estate.  However, when a 5,000,000 or more ART trust is held by a separate entity from the trust, the amount of the trust that the entity holds is calculated by adding the trust's assets to the amount of the trust that the entity holds; this amount is the separate asset held of the entity. So, if Trust X holds 100,000 in assets, the separate asset thrust X holds is 100,000 – 5,000,000 = 50,000.  When Trust X, holding 100% of the assets of Trust X, sells assets that it does not own 50,000 is the amount of the assets sold that it does not own. It is also possible, in this situation, for a separate trust to hold 100% of the ART money, and to still be considered a separate entity from Trust X, as long as a fair market value (FMV) valuation is made of the ART and the trust's respective asset position is reasonable with regard to the market price of the assets. The FMV of the ART is (50,000 minus the FMV of ALL the ART's assets, which is 100,000 x 10%) = 50,000 – 5,000 is the separate asset held of Trust X. Note — The separate asset held of Trust X is determined by multiplying the separate asset held by the FMV valuation of the ART. When Trust X holds the majority of the ART's assets (which, for Example, equals 51%) then 51% of the separate asset is determined by multiplying the separate asset by the FMV of the ART. However, any money owned by Trust X does not have to be valued separately (thus, not requiring a separate amount to be valued as separate asset), because it shares 100% of the assets of the trust.
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