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
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
Don’t Cash a “Paid in Full” Check Without Understanding the Legal Implications
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Author: Dan Brecher
Changes to Qualified Small Business Stock Will Benefit Startup Founders and Investors
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
Author: Dan Brecher
Corporate Consolidation and Antitrust Issues in Mergers
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Author: Dan Brecher
What is Business Law and Why Is it Important?
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
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
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.