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What to do when you have the settlement check as the

administrator of an Estate? The...
What to do when you have the settlement check as the administrator of an Estate? The only immediate survivor lives abroad and has no visa.
1. open a bank account for the estate?
2. how much time do creditors have to submit their claims?
3. what documents are needed to close the administration ?
4. does the administrator have to fill out tax forms for the estate?
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Answered in 3 minutes by:
9/8/2017
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 38,688
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

Has anyone filed a probate case for the decedent and been appointed as the executor or Administrator of the estate?

.

.

thanks

Barrister

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Customer reply replied 2 months ago
Probate case? I don't know what that is. There is no will. An administrator was appointed.

An Administrator is appointed by a probate court judge once a probate case is filed to settle a deceased person's estate..

.

Probate is what happens when someone is appointed as representative of the estate to settle it..

.

So who was appointed Administrator?

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Customer reply replied 2 months ago
An administrator was appointed. I am.

Ok, then you have to open an estate checking account and put any money or checks into it and then use it to pay estate expenses and creditors. There is a 6 month creditor claims period when any creditors can submit claims against the estate.

.

Basically you have to gather all assets, file an inventory, pay any creditors out of estate assets, file any taxes for the decedent and the estate, file an accounting with the court, distribute any remaining assets, and then close the estate.

.

If you have never done this before, it might be a good idea to contact a local probate attorney to assist with the process so everything is done correctly..

.

.

thanks

Barrister

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Customer reply replied 2 months ago
There is no assets to gather. The deceased is an undocumented alien who has no relatives here. His immediate surviving relative is abroad and has no visa to come. I have not received any bill from anyone.1. I was thinking about opening the estate account sending the money to a similar account abroad and paying the survivor in exchange for the receipt signed before the American Consulate abroad. I can't just send the money with no receipt, a) she lives in the country side b) the bonding company and the court ask for a receipt signed before the American Consulate, so the delivery of the money and the receipt have to be done simultaneously. I was wondering if my plan is legal, I don't want to have any claims. 2) 6 months counted from when? death, filing the probate petition? opening the account? What expenses? The consulate assumed the expenses for the funeral since the deceased had no relatives. The attorneys in the wrongful death case told me he has no debts/liens. 3.) Accounting? I see only one transaction, the payment.

I am going to have to opt out as I don't know much about actions outside the US.

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Customer reply replied 2 months ago
this is in New JErsey
Michael Bradley
Category: Legal
Satisfied Customers: 1,131
Experience: Owner at The Protection Group LLC
Verified

make sure you advertise the estate being opened

do a inheritance tax return, pay any necessary taxes

then pay the beneficiary in the way you described

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The New Jersey inheritance tax affects the recipients of bequests -- yes, the state will probably take a share of that windfall your favorite aunt left to you. New Jersey is one of a few states that collects both an inheritance taxand an estate tax. The state taxes estates on their overall value before bequests and gifts are made, then it also taxes some beneficiaries on the value of their specific bequests.

Who is Exempt from the New Jersey Inheritance Tax?

Not every gift to every beneficiary is subject to New Jersey's inheritance tax. Most charitable organizations are exempt. Bequests valued at less than $500 are not taxed, nor are life insurance proceeds -- the gift must typically be conveyed via will or trust.

This means posthumous payments made from the New Jersey Public Employees Retirement System, the New Jersey Teachers' Pension and Annuity Fund, and the New Jersey Police and Firemen's Retirement System are exempt, too. So are annuities paid to beneficiaries by the federal government under the Retired Serviceman's Family Protection Plan or the Survivor Benefit Plan. Federal Civil Service Retirement benefits are also safe.

Immediate family members can inherit without paying the tax. In New Jersey, these include spouses, parents, grandparents and descendants -- children, grandchildren, and great-grandchildren of the deceased.

New Jersey law also includes civil union partners and domestic partners in this category, called Class A beneficiaries.

Who is Not Exempt From the New Jersey Inheritance Tax?

Other classes of beneficiaries must pay the state's inheritance tax but at a graduated tax rate.

Class C beneficiaries include siblings, the spouse, widow or widower of a child of the decedent, and the surviving civil union partner of a child of the decedent.

These individuals can receive up to $25,000 without paying an inheritance tax. Bequests exceeding $25,000 are taxed at 11 to 16 percent, depending on the gift's value. Only inheritances valued at more than $1.7 million are subject to the highest rate of 16 percent as of 2016.

All other beneficiaries fall into Class D. They pay 15 percent on the first $700,000 they receive, and 16 percent on anything above that amount as of 2016.

Yes, Class B is missing. The state legislature has eliminated this category.

When is the New Jersey Inheritance Tax Return and Any Required Payment Due?

The New Jersey inheritance tax return, Form IT-R for residents or Form IT-NR for nonresidents, must be filed with the state and the tax paid within eight months after the decedent's date of death. The state may grant a filing extension for the return of up to an additional four months, but the tax itself must be paid within eight months. An estate's executor can file one return for all beneficiaries, typically collecting the tax out of their inheritances.

How is a New Jersey Inheritance Tax Lien Released?

The state automatically places liens against a decedent's property until inheritance taxes are paid or it's established that the recipient of the property is exempt.

Although Class A beneficiaries are not required to file a New Jersey inheritance tax return, they must file Form L-8 to secure the release of a New Jersey decedent's bank accounts, stocks, bonds and brokerage accounts. If the decedent held title to any New Jersey real estate, Form L-9, or Form L-9NR for a nonresident decedent must be filed to obtain a release from the state's lien.

Where Can I Find Additional Information About the New Jersey Inheritance Tax?

Refer to the New Jersey Division of Taxation website for more information. See the State Inheritance Tax Chart for a comprehensive summary of inheritance tax laws among the states that collect them.

NOTE: State tax laws can change frequently, and the above information may not reflect the most recent changes. Please consult with an accountant or an attorney for current tax or legal advice. The information contained in this article is not tax or legal advice and is not a substitute for tax or legal advice.

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Customer reply replied 2 months ago
make sure you advertise the estate being opened
Michael: Thanks.
1) do a inheritance tax return, pay any necessary taxes. Ok I will hire a tax preparer for that.
2) then pay the beneficiary in the way you described. Ok I will open an estate account here and also abroad to wire the money and then withdraw and proceed to make the payment in exchange for a receipt signed before the American Consulate there.
3) make sure you advertise the estate being opened. How? publish on the newspaper?
Customer reply replied 2 months ago
Michael: Thanks.
1) do a inheritance tax return, pay any necessary taxes. Ok I will hire a tax preparer for that.
2) then pay the beneficiary in the way you described. Ok I will open an estate account here and also abroad to wire the money and then withdraw and proceed to make the payment in exchange for a receipt signed before the American Consulate there.
3) make sure you advertise the estate being opened. How? publish on the NEWSPAPER?
4) can i charge for these services, i saw online 5% of the gross. My guess: after paying the taxes?

1 yes

2 yes

3 yes in 2 local newspapers

4 yes you can pay yourself for the work that you do. 5% should be ok as long as you do the work

Michael Bradley
Category: Legal
Satisfied Customers: 1,131
Experience: Owner at The Protection Group LLC
Verified
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