Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Educate The Executor to Avoid Wealth Transfer Issues
Author: Scarinci Hollenbeck, LLC
Date: January 30, 2013
Key Contacts
Back
Steering Clear of Wealth Transfer Dilemmas
The estate planning is a multi-layered process that requires individuals and business owners to be well-versed on tax law, wealth building and transferring assets to beneficiaries. However, an often-overlooked planning component involves making sure that executors are also educated on the process and able to meet a person’s wishes.
An executor is a person responsible for properly carrying out the terms set forth in the will. This is not always an easy process when dealing with complex estate issues, such as debt, taxes, considerable wealth and assets and trusts. To ensure that wealth is effectively passed on to beneficiaries without issues, it’s important that individuals ensure their executor is informed. This includes disclosing their financial condition, including outstanding debts.
A common problem than often arises is failing to inform executors about the location of important paperwork and documents they will need to carry out the policyholder’s wishes, Fox Business reports. As a result, paying creditors, resolving tax issues and distributing wealth to heirs can be delayed. To avoid these issues, individuals are encouraged to set up a meeting with their executor whether it’s a spouse, family attorney or relative to identify assets and accounts and provide any security information they may need.
Lastly, it’s important for those with significant assets to assign some assistance to executors, such as an attorney or accountant. Executors who face a complex estate may be more likely to make mistakes that can lead to tax issues, personal liability or probate problems. Ensuring the executor has a professional to consult can mitigate these risks and ensure wealth is passed on to heirs quickly and efficiently.
- Practices: Sophisticated Estate Planning & Wealth Preservation, Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
How to Conduct a Fair and Legal Employee Termination in 2025
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Author: Angela A. Turiano
Admin Dissolution for Annual Report: What You Need to Know
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Author: Dan Brecher
What Is Antitrust Litigation Law?
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Author: Robert E. Levy
Dissolving Your Business: Essential Legal Steps to Protect Your Interests
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]
Author: Christopher D. Warren
The Role of Corporate Restructuring in Mergers & Acquisitions
Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.