Free Wills and Estate Administration Webinar Audio recording for ABA members

Free Wills and Estate Administration Webinar Audio recording for ABA members

Speaker Kenneth Vercammen - November 16, 2016

Straightforward and to-the-point, Wills and Estate Administration provides step-by-step guidance that firms can use to handle all aspects of an estates practice, from initial client intake to closing the file.

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Hot Off the Press - Brown Bag Teleconference Series

GPSolo’s Hot Off the Press series features a new book publication release presented by the author, and is held entirely by teleconference as a Division member benefit at no additional cost.  The sessions are held bi-monthly (January, March, May, July, September and November) on the third Wednesday, and normally last one hour during lunch. 

The content of the program is based upon the author’s book published by ABA Book Publishing.

topics:

   1. Preparation for Wills/Estate Planning Interviews

   2. Interviewing Clients

   3. Signing documents and Additional Estate Planning Issues

   4. Probate, Estate Administration

   5  Marketing Your Wills and Estate Administration Practice

    Portions of the talk and material have been revised from ABA’s new book “Wills and Estate Administration”

   By Kenneth Vercammen, Esq.

Straightforward and to-the-point, Wills and Estate Administration provides step-by-step guidance that firms can use to handle all aspects of an estates practice, from initial client intake to closing the file. Topics are defined in six parts for ease of use:

    Preparation for Wills/Estate Planning Interviews

    Interviewing Clients

    Additional Estate Planning Issues

    Estate Administration

    Guardianship of Disabled or Incompetent Parents

    Marketing Your Wills and Estate Administration Practice

     Making this an essential resource for solo and small firm practitioners, the author includes numerous forms for each topic, and they are also available for download online. The book is basic and written to help new and transitional attorneys. In addition, tips on practice management will help seasoned attorneys.

Sponsor: Solo, Small Firm and General Practice Division

Publisher: American Bar Association  ABA Book Publishing

    List Price: $79.95


ABA Price: $69.95

ISBN: 978-1-63425-380-2

Product Code: 5150484

2016, 290 pages, 7 x 10, Paperback

    

http://shop.americanbar.org/eBus/Store/ProductDetails.aspx?productId=224827061

American Bar Association  Service Hotline
 800-285-2221
312-988-5000


   Sample chapter available http://shop.americanbar.org

NJ Estate Tax NJSA 54:38-1 Imposition of tax; amount.

NJ Estate Tax NJSA 54:38-1  Imposition of tax; amount.
 54:38-1  a.  In addition to the inheritance, succession or legacy taxes imposed by this State under authority of chapters 33 to 36 of this title (R.S.54:33-1 et seq.), or hereafter imposed under authority of any subsequent enactment, there is hereby imposed an estate or transfer tax:

(1)Upon the transfer of the estate of every resident decedent dying before January 1, 2002 which is subject to an estate tax payable to the United States under the provisions of the federal revenue act of one thousand nine hundred and twenty-six and the amendments thereof and supplements thereto or any other federal revenue act in effect as of the date of death of the decedent, the amount of which tax shall be the sum by which the maximum credit allowable against any federal estate tax payable to the United States under any federal revenue act on account of taxes paid to any state or territory of the United States or the District of Columbia, shall exceed the aggregate amount of all estate, inheritance, succession or legacy taxes actually paid to any state or territory of the United States or the District of Columbia, including inheritance, succession or legacy taxes actually paid this State, in respect to any property owned by such decedent or subject to such taxes as a part of or in connection with the estate; and

(2) (a)Upon the transfer of the estate of every resident decedent dying after December 31, 2001, but before January 1, 2017, which would have been subject to an estate tax payable to the United States under the provisions of the federal Internal Revenue Code of 1986 (26 U.S.C. s.1 et seq.) in effect on December 31, 2001, the amount of which tax shall be, at the election of the person or corporation liable for the payment of the tax under this chapter, either

(i)the maximum credit that would have been allowable under the provisions of that federal Internal Revenue Code in effect on that date against the federal estate tax that would have been payable under the provisions of that federal Internal Revenue Code in effect on that date on account of taxes paid to any state or territory of the United States or the District of Columbia, or

(ii)determined pursuant to the simplified tax system as may be prescribed by the Director of the Division of Taxation in the Department of the Treasury to produce a liability similar to the liability determined pursuant to clause (i) of this paragraph reduced pursuant to paragraph (b) of this subsection.

(b)The amount of tax liability determined pursuant to subparagraph (a) of this paragraph shall be reduced by the aggregate amount of all estate, inheritance, succession or legacy taxes actually paid to any state or territory of the United States or the District of Columbia, including inheritance, succession or legacy taxes actually paid this State, in respect to any property owned by such decedent or subject to such taxes as a part of or in connection with the estate; provided however, that the amount of the reduction shall not exceed the proportion of the tax otherwise due under this subsection that the amount of the estates's property subject to tax by other jurisdictions bears to the entire estate taxable under this chapter.

(3) (a) Upon the transfer of the estate of each resident decedent dying on or after January 1, 2017, whether or not subject to an estate tax payable to the United States under the provisions of the federal Internal Revenue Code (26 U.S.C. s.1 et seq.), the amount of the taxable estate, determined pursuant to section 2051 of the federal Internal Revenue Code (26 U.S.C. s.2051), shall be subject to tax pursuant to the following schedule:



On any amount up to $100,000 . ................................................0.0%
On any amount in excess of $100,000, up to $150,000  . . . . .0.8% of the excess over $100,000     
On any amount in excess of $150,000, up to $200,000. . . . . . .$400 plus 1.6% of the excess over $150,000
On any amount in excess of $200,000, up to $300,000. . . . . . . . . . .$1,200 plus 2.4% of the excess over $200,000
On any amount in excess of $300,000, up to $500,000. . . . . . . . . . . . . . . . $3,600 plus 3.2% of the excess over $300,000
On any amount in excess of $500,000, up to $700,000. . . . . . . . . . . . . . . .$10,000 plus 4.0% of the excess over $500,000
On any amount in excess of $700,000, up to $900,000. . . . . . . . . . . . . . . . $18,000 plus 4.8% of the excess over $700,000
On any amount in excess of $900,000, up to $1,100,000. . . . . . . . . .. $27,600 plus 5.6% of the excess over $900,000
On any amount in excess of $1,100,000, up to $1,600,000. . . . .$38,800 plus 6.4% of the excess over $1,100,000
On any amount in excess of $1,600,000, up to $2,100,000. . . . . $70,800 plus 7.2% of the excess over $1,600,000
On any amount in excess of $2,100,000, up to $2,600,000. . . . . $106,800 plus 8.0% of the excess over $2,100,000
On any amount in excess of $2,600,000, up to $3,100,000. . . . $146,800 plus 8.8% of the excess over $2,600,000
On any amount in excess of $3,100,000, up to $3,600,000. . . . . $190,800 plus 9.6% of the excess over $3,100,000
On any amount in excess of $3,600,000, up to $4,100,000. . . . . $238,800 plus 10.4% of the excess over $3,600,000
On any amount in excess of $4,100,000, up to $5,100,000. . . . . $290,800 plus 11.2% of the excess over $4,100,000
On any amount in excess of $5,100,000, up to $6,100,000 . . . . $402,800 plus 12.0% of the excess over $5,100,000
On any amount in excess of $6,100,000, up to $7,100,000 . . . . . $522,800 plus 12.8% of the excess over $6,100,000
On any amount in excess of $7,100,000, up to $8,100,000 . . . . . $650,800 plus 13.6% of the excess over $7,100,000
On any amount in excess of $8,100,000, up to $9,100,000 . . . . .  $786,800 plus 14.4% of the excess over $8,100,000
On any amount in excess of $9,100,000, up to $10,100,000 . . . . $930,800 plus 15.2% of the excess over $9,100,000
On any amount in excess of $10,100,000. . . . . . . . . . . . . . . . . . . $1,082,800 plus 16.0% of the excess over $10,100,000

(b)A credit shall be allowed against the tax imposed pursuant to subparagraph (a) of this paragraph equal to the amount of tax which would be determined by subparagraph (a) of this paragraph if the amount of the taxable estate were equal to the exclusion amount.

For the transfer of the estate of each resident decedent dying on or after January 1, 2017, but before January 1, 2018, the exclusion amount is $2,000,000.

(c)The amount of tax liability of a resident decedent determined pursuant to subparagraphs (a) and (b) of this paragraph shall be reduced by the aggregate amount of all estate, inheritance, succession or legacy taxes actually paid to any state of the United States, including inheritance taxes actually paid this State, in respect to any property owned by that decedent or subject to those taxes as a part of or in connection with the estate; provided however, that the amount of the reduction shall not exceed the proportion of the tax otherwise due under this subsection that the amount of the estate's property subject to tax by other jurisdictions bears to the entire estate taxable under this chapter.

(4)For the transfer of the estate of each resident decedent dying on or after January 1, 2018, there shall be no tax imposed.

b. (1) In the case of the estate of a decedent dying before January 1, 2002 where no inheritance, succession or legacy tax is due this State under the provisions of chapters 33 to 36 of this title or under authority of any subsequent enactment imposing taxes of a similar nature, but an estate tax is due the United States under the provisions of any federal revenue act in effect as of the date of death, wherein provision is made for a credit on account of taxes paid the several states or territories of the United States, or the District of Columbia, the tax imposed by this chapter shall be the maximum amount of such credit less the aggregate amount of such estate, inheritance, succession or legacy taxes actually paid to any state or territory of the United States or the District of Columbia.

(2)In the case of the estate of a decedent dying after December 31, 2001, but before January 1, 2017, where no inheritance, succession or legacy tax is due this State under the provisions of chapters 33 to 36 of this title or under authority of any subsequent enactment imposing taxes of a similar nature, the tax imposed by this chapter shall be determined pursuant to paragraph (2) of subsection a. of this section.

(3)In the case of the estate of a decedent dying on or after January 1, 2017 the tax imposed by this chapter shall be determined pursuant to paragraphs (3) and (4) of subsection a. of this section.

c.For the purposes of this section, a "simplified tax system" to produce a liability similar to the liability determined pursuant to clause (i) of subparagraph (a) of paragraph (2) of subsection a. of this section is a tax system that is based upon the $675,000 unified estate and gift tax applicable exclusion amount in effect under the provisions of the federal Internal Revenue Code of 1986 (26 U.S.C. s.1 et seq.) in effect on December 31, 2001, and results in general in the determination of a similar amount of tax but which will enable the person or corporation liable for the payment of the tax to calculate an amount of tax notwithstanding the lack or paucity of information for compliance due to such factors as the absence of an estate valuation made for federal estate tax purposes, the absence of a measure of the impact of gifts made during the lifetime of the decedent in the absence of federal gift tax information, and any other information compliance problems as the director determines are the result of the phased repeal of the federal estate tax.

amended 2002, c.31, s.1; 2016, c.57, s.7. 54:38-2.  Additional tax in certain cases    If subsequent to the determination of the tax due under this chapter an additional or increased estate tax shall become payable to the United States by  reason of any redetermination, or additional or corrected assessment, as to a  portion of which the estate is entitled to a credit on account of estate,  inheritance, succession or legacy taxes paid to any state or territory of the  United States or the District of Columbia, then an additional estate tax shall  be due and payable to this state to be assessed in the same manner as provided  by section  54:38-1  of this title.

Metuchen Library Wills, Estate Planning & Probate Seminar

Metuchen Library

Wills, Estate Planning & Probate Seminar

November 14 at 7:00pm Free community program

480 Middlesex Ave. Metuchen, NJ 08840

   Seniors invited

WILLS & ESTATE ADMINISTRATION-PROTECT YOUR

FAMILY AND MAKE PLANNING EASY

      You do not have to be a Metuchen resident to attend but registration requested

SPEAKER: Kenneth Vercammen, Esq. Edison, NJ (Author- Wills and Estate Administration by the ABA)

       The NJ Probate Law made a number of substantial changes in Probate and the administration of estates and trusts in New Jersey. This seminar will also help attorneys better serve their clients.

       Main Topics:

1. The New Probate Law and preparation of Wills              

2.  Increase in Federal Estate and Gift Tax exemption

3. Major changes to NJ Estate Tax & changes to taxes on pensions

4. Power of Attorney                       

5.  Living Will                                           

6.  Administering the Estate & Probate

 COMPLIMENTARY MATERIAL: Brochures on Wills, "Answers to

Questions about Probate" and Administration of an Estate, Power of Attorney, Living Wills, Real Estate Sales for Seniors, and Trusts.

 (732) 632-8526

http://www.metuchenlibrary.org

https://www.facebook.com/events/194087424359553/

Some retirement funds subject to NJ Estate Tax Estate of Smith v. Director, N.J. Div. of Taxation

Some retirement funds subject to NJ Estate Tax

Estate of Smith v. Director, N.J. Div. of Taxation

No. 015163-2013

Sept. 28, 2016 (Date Decided)

Judge Brennan

FOR PLAINTIFF: Matthew E. Moloshok (Hellring Lindeman Goldstein & Siegal, LLP, attorneys; David N. Narciso, on the briefs).

FOR DEFENDANT: Heather Anderson (Christopher S. Porrino, Attorney General of New Jersey, attorney).

Plaintiff, Estate of Phillip J. Smith, Deceased, Judith Heimer, Executor, challenged defendant, Director, Division of Taxation's imposition of inheritance tax on New Jersey's Alternate Benefit Program ("ABP") retirement benefits.

Phillip J. Smith died a widower on Oct. 5, 2010. His sister-in-law is the executrix of his estate and its primary beneficiary. At the time of his death, Smith's assets included $576,759.00 in ABP retirement benefits. Estate filed a New Jersey transfer inheritance tax return, in which it listed the ABP funds as a tax-exempt state pension. On audit, the Director determined that ABP proceeds are subject to New Jersey inheritance tax pursuant to N.J.S.A. 54:34-1(c). The Director issued an assessment of $92,282.00 in additional inheritance tax.

Estate argued that all state-sponsored and state-administered pension plan entitlements are not subject to inheritance tax and therefore the decedent's ABP funds are tax exempt.

The Director argued that all profit sharing and retirement plans, both public and private, are subject to inheritance tax unless the Legislature has provided an exemption. Although ABP was enacted in 1967 and amended in 1969, it was not included in the June 26, 1969, amendments to the statutory tax exemption clauses for the defined benefit retirement programs, TPAF, PERS, PFRS and SPRS.

Estate advanced that when the state's pension laws are read in pari materia, they reflect the legislative intent that all state-sponsored pension plans are not subject to inheritance tax. The court disagreed. The Legislature provided limited exemptions from the inheritance tax to the defined benefit retirement programs.

Estate argued that imposing inheritance tax on ABP benefits, and not on the defined benefit retirement programs, violates the Equal Protection Clause of the Fourteenth Amendment, as well as the "unalienable rights" provision of the New Jersey Constitution. However, the rational basis for not enacting tax exemptions for the ABP is found in the vesting differences between the two retirement systems. It is the ABP participant's ability and flexibility to move between public and private employment in higher education, both within and beyond the state, that distinguishes it from state's defined benefit programs.

New Jersey's ABP retirement proceeds are subject to New Jersey Inheritance Tax. The Legislature intended to provide tax exemptions only to the state's defined benefit retirement programs, PERS, TPAF, PFRS, SPRS and JRS, as is reflected by the specific exemption language in those statutes.

source http://www.njlawjournal.com/id=1202769837808/Estate-of-Smith-v-Director-NJ-Div-of-Taxation?slreturn=20161008205152

Chancery filing fee 22A:2-12. Payment of fees in Chancery Division of Superio Court upon filing of first paper.

Chancery filing fee
22A:2-12. Payment of fees in Chancery Division of Superio Court upon filing of first paper.
     22A:2-12. Payment of fees in Chancery Division of Superior Court upon filing of first paper. Upon the filing of the first paper in any action or proceeding in the Chancery Division of the Superior Court, there shall be paid to the clerk of the court, for the use of the State, the following fees, which, except as hereinafter provided, shall constitute the entire fees to be collected by the clerk for the use of the State, down to the final disposition of the cause:

     Receivership and partition, $200.00.

     All other actions and proceedings except in probate cases and actions and proceedings for divorce or dissolution of a civil union, $200.00.

     Actions and proceedings for divorce or dissolution of a civil union, $250.00, $25.00 of which shall be forwarded by the Clerk of the Superior Court as provided in section 2 of P.L.1993, c.188 (C.52:27D-43.24a).

     Any person filing a motion in any action or proceeding shall pay to the clerk $30.00.
Payable, Treasurer, State of NJ if not a Probate matter

Superior Court, Law Division, Chancery Part General Equity
Fee Subject	Fee	Authority
Filing Complaint	$250.00	N.J.S.A. 22A:2-12 and -13
Filing Answer	$175.00	N.J.S.A. 22A:2-12 and -13
Order to Show Cause (General Equity and Foreclosure)	$50.00	N.J.S.A. 22A:2-12 and -13
Filing Motion	$50.00	N.J.S.A. 22A:2-12 and -13

GUARDIANSHIP OF INCAPACITATED PERSONS - TEMPORARY RELAXATION OF SURROGATES' NOTICING REQUIREMENTS OF AMENDED RULE 4:86-6(f)(5)

GUARDIANSHIP OF INCAPACITATED PERSONS - TEMPORARY RELAXATION OF

SURROGATES' NOTICING REQUIREMENTS OF AMENDED RULE 4:86-6(f)(5)

As part of its August 1, 2016 omnibus rule amendment order, the Supreme Court

adopted a number of amendments to Rule 4:86 ("Action for Guardianship of an

Incapacitated Adult or for the Appointment of a Conservator") to be effective September

1, 2016, including adoption of a new paragraph setting out noticing requirements for the

Surrogates (Rule 4:86-6(f)(5)). This Notice is to advise that the Court has extended the

effective date of that specific paragraph - Rule 4:86-6(f)(5) ("Hearing; Judgment -Duties

of Surrogate") -to March 1, 2017. The reason for that extension is to allow for

the completion of the systems reprogramming necessary to that noticing. Attached is

the Court's August 25, 2016 rule relaxation order extending that effective date. Note

that all of the remaining August 1, 2016 amendments to Rule 4:86 will retain the

September 1, 2016 effective date.

ABA Elder Law Committee - Fall 2016 Report ABA SOLO, SMALL FIRM AND GENERAL PRACTICE DIVISION COUNCIL AGENDA REPORT FORM – FALL 2016

ABA Elder Law Committee - Fall 2016 Report

ABA SOLO, SMALL FIRM AND GENERAL PRACTICE DIVISION

COUNCIL AGENDA REPORT FORM – FALL 2016

Division Name and Number: Division: 3 – Practice Specialty                                                                        

Division Director Name: Kari Petrasek

Group Name: Family Law Group         

Reporting Board or Committee: ABA Elder Law Committee

Completed By: Kenneth Vercammen Co-Chair, Edison, NJ

1.   What communications have you had with your committee since last report? (e.g. conference call, meetings, publications, use of discussion lists, etc.)

-Email to all members with copy of Business plan

-Helped publicize Divisions new book “Wills and Estate Administration Practice”  approx 240 pages to help raise revenue for section

-Proposed Meeting at New York Annual meeting and possibly Miami Mid year

-Proposed Brown Bag webinar and waiting for response

-Submitted short articles to Jeff Allen for GP Solo eReport

“Scheduling Estate Planning interviews” and also “Handling Estate Planning Appointments and important items to discuss with Clients”

2. Please describe the substance of the activities set forth in number 1 above.

Please see number 1 above.

Next ABA Aging and Law Networking  conference calls

September 12, 2016

December 12, 2016

March 13, 2017

June 12, 2017

3-Please list your entity's activities and programs since last report. - Revised book “Wills and Estate Administration Practice”

4- Where you are in completing your annual planned activities? --Kenneth Vercammen revised and expanded the text new book for Solo Division approved by Pub Board called “Wills and Estate Administration Practice”.

- Requested a  Brown Bag seminar on Estate Planning
   

5-What is the status on any CLE, publications, articles, etc.? See above

-Continue to submit articles to Jeff Allen for Solo EReport

6. What plans do you have for the rest of the year? Describe any future activities. -An email will be sent to all Committee members to invite them to participate in the September Aging call September 12, 2016

December 12, 2016

March 13, 2017

June 12, 2017

All at 4:00 PM eastern time

Please have anyone wanting to be on the email list about the calls, email David Godfrey asking to be added to the Law and Aging Networking call list. 

 David Godfrey

Senior Attorney

American Bar Association

Commission on Law and Aging

1050 Connecticut Ave NW #400

Washington, DC 20036

202-662-8694

David.Godfrey@Americanbar.org

7- Please state how your entity’s activities conform to the Goals of the Division’s Long Range Plan. Articles and webinar

8- Report on anything else: Promote recent ABA Book: “Smart Marketing For the Small Firm Lawyer” from the American Bar Association.

    Author:  Kenneth A Vercammen

Sponsor(s):  Solo, Small Firm and General Practice Division

Publisher(s):  ABA Book Publishing