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Lowering tax obligation claims
New Jersey Does anyone have experience using organizations claiming to lower or eliminate tax obligations, and were they successful in doing so? I’ve listened to a number of ads by organizations claiming to help reduce (past or present) tax obligations. Not knowing the details, some of their... -
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Expulsion from a private university
Thanks so much for your responses. The parents are hesitant to accept the mandate because their youngest son was adversely affected when he took the flu shot about 7 years ago. His nervous system was compromised and he suffered involuntary body movements and facial tics for about 5 years...- Lot249
- Post #8
- Forum: Education Law
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Expulsion from a private university
A resident of New Jersey, the university is in New York. Can a private university expel a student who refuses their mandate requiring all new and returning students to take a covid 19 booster shot? If the answer is yes, can the university be held accountable if the student experiences harmful...- Lot249
- Thread
- Replies: 15
- Forum: Education Law
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When are you required to pay tax when making a monetary gift?
What is the name of your state? New Jersey I'm getting conflicting information regarding the gift tax. I understand the person making a monetary gift is the person taxed, not the recipient, as long as it is identified clearly as a gift. On one hand, I am told a maximum allowable amount of... -
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How do you determine the capital gains amount on the sale of a non-primary residence house
Thanks for your input. The quoted language is exactly as it is written in the deed. Thank you again for your help. -
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How do you determine the capital gains amount on the sale of a non-primary residence house
The transfer of ownership (deed) reflects my father's name and the date of my father's death and states "leaving his wife, the grantor herein, the surviving tenant by the entirety". Further down, the document states "this conveyance is subject, however, to a life estate on the life of the... -
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How do you determine the capital gains amount on the sale of a non-primary residence house
Yes, the deed does reflect the parent's "life rights to the property". The parent has recently passed. -
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How do you determine the capital gains amount on the sale of a non-primary residence house
State: New Jersey Major factors surrounding property sale: House built by parents in 1972, value.........$40,000; House gifted to children (2) in 1994, parent retaining life rights ...... house value ....... ? Projecting house sale in 2020, estimated house value .... $300,000 - $340,000; The... -
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Can an executor change, alter, or in anyway ignore the directives or intent of a will?
Sorry for the misunderstanding. The couple, whose will I'm addressing, were my close friends for the last 15 years. Their son and daughter are the siblings I'm referencing. Thanks again for sharing your insights.- Lot249
- Post #12
- Forum: Probate and Personal Representatives
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Can an executor change, alter, or in anyway ignore the directives or intent of a will?
Thank you for your response. I was just informed of the siblings filing to contest their parent's will. I'm not sure on what grounds, I'm fairly sure it will be based on suspected "undue influence" by some or all of the beneficiaries. I believe they will use the fact they are not included in...- Lot249
- Post #9
- Forum: Probate and Personal Representatives
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Can an executor change, alter, or in anyway ignore the directives or intent of a will?
The executor was requested there be no services upon her death. The siblings requested and were granted permission for a service. The executor was directed to not notify her siblings of her demise. They were notified with two days of her death. The executor was instructed to have the ashes...- Lot249
- Post #7
- Forum: Probate and Personal Representatives
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Can an executor change, alter, or in anyway ignore the directives or intent of a will?
I'm not the executor and this is not a hypothetical question. The will reflects the wishes of a husband and wife who died within 5 months of each other. The siblings have been estranged for 20 years. When the husband passed, his wife did not notify them of his passing. As her husband was...- Lot249
- Post #5
- Forum: Probate and Personal Representatives
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Can an executor change, alter, or in anyway ignore the directives or intent of a will?
The state is New Jersey. The will states very clearly who is to get what. It also states who is not to be included as a beneficiary. Short of posting the will itself, I'm not sure what other information I can provide to determine what latitude the executor has in the execution of the will.- Lot249
- Post #3
- Forum: Probate and Personal Representatives
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Can an executor change, alter, or in anyway ignore the directives or intent of a will?
New Jersey. The will in question has very specific requests regarding funeral services, disposition of remains, disposition of assets, and who should or should not be included as a beneficiary of the estate. The will is expected to be contested on one or all of the aforementioned requests by...- Lot249
- Thread
- Replies: 16
- Forum: Probate and Personal Representatives
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Not sure if this the right forum....Timeshares and estate responsibility to same
Thank you so much for your response, it's truly appreciated.- Lot249
- Post #3
- Forum: Condos and Co-Ops
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Not sure if this the right forum....Timeshares and estate responsibility to same
New Jersey Upon death, if a timeshare contract has not been fulfilled, (20 years remaining on a 30-year contract) is the estate required to pay the remaining portion of the contract? If the answer is yes, are there insurances (like mortgage insurance) available to protect against such a...- Lot249
- Thread
- Replies: 2
- Forum: Condos and Co-Ops
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How is tax determined on house sale?
I'm not sure. My mother, sister and myself went to my mother's attorney to document the transfer. The document was written and witnessed our signatures. The document describes the transfer of ownership from my mother to my sister and myself. There is language that gives our mother "life... -
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How is tax determined on house sale?
New Jersey. If a property is transferred (not sold), and the property (25 years later) is sold, on what is the tax obligation based? Case in point, the initial cost of construction (1973) $40,000 (builder's primary residence). Value If sold at that time is undetermined. Property ownership... -
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If named in a will, must debt be accepted?
You've confirmed what I thought, no one is obligated (by law) to accept any inheritance. Thanks so much for the quick response.- Lot249
- Post #3
- Forum: Wills, Trusts and Estate Planning
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