N
neilwilson
Guest
hi:
we all are green card holders- parent and a child and one spouse passed on
5+ yerars ago, for 15+ years, living in nj.
some estate planing questions.
1. does the new and/or old law of lifetime exlusion( $675K-1 Million
dollars) apply to green card holders as well as to citizens of USA.
...meaning a green card holder can give away upto 1 million dollars, as of
1/1/2002, without having any tax- state or federal taxes or any other
taxes.
2.can a green card holder,child- over 18 years of age, recieve, from a
parent, this money without any taxes-fed, state or any other?
3. does the person recieving have to place this money in some special trust
till the green card holder becomes a citizen of USA?
4....everything- all bank accounts are in joint name( parent and child) with
right of sur.., but the person that payes taxes on interest, primary holder,
uses the money for his purpose only.
Are there any taxes - gift tax or any other tax for having joint accounts
with person other than your spouse?
5....We prepared a Will; singed by public notary and the required wittnes,
in the bank, Will document was bought at local office supply store-Nj. In
this will all we have included is the primary resident- owner occupied, NJ.
nothing else, no bank accounts because they are already in the joint name,
This house has two names- both spouses, but 1 spouse passed away 5+ years
ago. we are also thinking of adding the name of the child, instead of
having a Will, on to the house as a right of survivor ship. change the
names on the deed and the title. further deleting the name of the spouse
that has passed on.
What is the correct wasy to do it?
we all are green card holders- parent and a child and one spouse passed on
5+ yerars ago, for 15+ years, living in nj.
some estate planing questions.
1. does the new and/or old law of lifetime exlusion( $675K-1 Million
dollars) apply to green card holders as well as to citizens of USA.
...meaning a green card holder can give away upto 1 million dollars, as of
1/1/2002, without having any tax- state or federal taxes or any other
taxes.
2.can a green card holder,child- over 18 years of age, recieve, from a
parent, this money without any taxes-fed, state or any other?
3. does the person recieving have to place this money in some special trust
till the green card holder becomes a citizen of USA?
4....everything- all bank accounts are in joint name( parent and child) with
right of sur.., but the person that payes taxes on interest, primary holder,
uses the money for his purpose only.
Are there any taxes - gift tax or any other tax for having joint accounts
with person other than your spouse?
5....We prepared a Will; singed by public notary and the required wittnes,
in the bank, Will document was bought at local office supply store-Nj. In
this will all we have included is the primary resident- owner occupied, NJ.
nothing else, no bank accounts because they are already in the joint name,
This house has two names- both spouses, but 1 spouse passed away 5+ years
ago. we are also thinking of adding the name of the child, instead of
having a Will, on to the house as a right of survivor ship. change the
names on the deed and the title. further deleting the name of the spouse
that has passed on.
What is the correct wasy to do it?