N
neilwilson
Guest
estate planning q's
hi:
we all are green card holders- parent and a adult-children except 1-is a citizen. Spouse passed on 5+ yerars ago, and we have been living in NJ for 15+ years
some estate planing questions.
1. Does the new law of lifetime exlusion( $1 Million dollars) apply to green card holders, presently living in NJ, as well as to citizens of USA?
...meaning a green card holder- a parent, can give away upto 1 million dollars-to 3 adult kids, as of 1/1/2002, without having any tax- state or federal taxes or any other taxes.
2.Can a green card holder,adult, recieve, from a
parent, this money without any taxes-fed, state or any other?
3. Does the person recieving, this money, 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 adult - green card holder and citzen children) with right of sur.., but the parent 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- in this case adult children?
5 We have prepared a Will; singed by public notary and the required wittness, in the bank, Will document was bought at local office supply store-NJ.
In this Will, we have included primary resident- owner occupied in NJ. This is the only property we have: us- parent or children, nothing else.
No bank accounts were included because they are already in the joint name.
This house still has two names- both spouses- when taxes come , but 1 spouse passed away 5+ years ago. We are also thinking of adding the names of the adullt children, instead of having a Will, on to the house as a right of survivor ship.
So changing the names on the title; further taking the name of the spouse out that has passed on. What is the correct way to do it?
__________________
indepth
hi:
we all are green card holders- parent and a adult-children except 1-is a citizen. Spouse passed on 5+ yerars ago, and we have been living in NJ for 15+ years
some estate planing questions.
1. Does the new law of lifetime exlusion( $1 Million dollars) apply to green card holders, presently living in NJ, as well as to citizens of USA?
...meaning a green card holder- a parent, can give away upto 1 million dollars-to 3 adult kids, as of 1/1/2002, without having any tax- state or federal taxes or any other taxes.
2.Can a green card holder,adult, recieve, from a
parent, this money without any taxes-fed, state or any other?
3. Does the person recieving, this money, 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 adult - green card holder and citzen children) with right of sur.., but the parent 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- in this case adult children?
5 We have prepared a Will; singed by public notary and the required wittness, in the bank, Will document was bought at local office supply store-NJ.
In this Will, we have included primary resident- owner occupied in NJ. This is the only property we have: us- parent or children, nothing else.
No bank accounts were included because they are already in the joint name.
This house still has two names- both spouses- when taxes come , but 1 spouse passed away 5+ years ago. We are also thinking of adding the names of the adullt children, instead of having a Will, on to the house as a right of survivor ship.
So changing the names on the title; further taking the name of the spouse out that has passed on. What is the correct way to do it?
__________________
indepth