How is a Self-Cancelling Promissory Note Treated in Estate Death Tax Administration?

HNW Elder Law, Estate Administration and Probate

Understanding What a Self-Cancelling Note Means Under federal law “[t]he value of a gross estate shall include the value of all property to the extent of the interest therein of the decedent at the time of his death.”  I.R.C. § 2033.  In the context of the estate tax, when properly written, a self-cancelling installment note (“SCIN”) functions to remove from the estate the property that is the subject of the installment note leaving no taxable asset in its place. An installment note reflects an agreement related to an installment sale.  As defined by the code, “‘installment sale’ means a disposition of property where at least 1 payment is to be received after the close of the taxable year in which …

Can the Legal Guardian or Parent of a Minor Child Set Up a Protective Trust?       

HNW Elder Law, Guardianship Law, Will Contest and Probate Litigation

This article discusses support trusts for minor children when a parent dies. New Jersey has a statute(s) that specifies the provisions that must be included in the trust. A surviving parent or legal guardian of a minor child can set up a trust. The guardian statutes in New Jersey provide a specific procedure for a surviving parent and/or legal guardian to set up a trust on behalf of their minor child who inherits property from their deceased father, mother, grandparent, or for that matter, any person. Under N.J.S.A. §3B:12-54.1, a parent or guardian may apply to the Superior Court for permission to set up a support trust for the benefit of the child or children when they will be receiving …

Understanding the Law of Tenancy by the Entirety When a Marital Home is Owned by a Husband and Wife

HNW Real Estate, Landlord/Tenant, and Zoning

Recently, our associate prepared a memo about executing a creditor’s judgment upon a tenancy by the entirety.  As a result, I read a few of the cases he cited in his memo.  These cases offered a great discussion regarding the laws on tenancy by the entirety that I believe you will find interesting. What is a Tenancy by the Entirety?  (Hint:  It’s Not a Rental) A tenancy by the entirety involves the ownership of a personal residence by a husband and wife.  The nature of a tenancy by the entirety is well established under New Jersey law.  It is an undivided legal ownership interest in the marital home for the joint lives of each spouse while married subject to the …

We are very pleased with Fred Niemann

HNW Testimonials

I don’t feel like writing a whole testimonial but I was very pleased that Mr. Niemann didn’t encourage us to do so, or make unnecessary charges.  Other elder care firms tried to sell us real estate on the moon, lol!  We are very pleased with Fred Niemann. Helene Kranz

Your firm is an asset to me

HNW Testimonials

In the past 3 years, I had dealings with multiple law firms.  The overall level of care, knowledge, listening and the drive to satisfy my needs far surpassed all other firms.  Your firm is an asset to me.  I would highly recommend you. Eric Majonis, Marlboro, NJ  

I was quite pleased with the service I received

HNW Testimonials

I have not had much experience with any legal firm.  I was quite pleased with the service I received.  There was not one person with whom I consulted who wasn’t helpful, forthcoming, and very professional.  I, therefore, would not hesitate to recommend you to anyone who would need your services.  Thank you. Irene Betancourt, Oakhurst, NJ  

The experience was terrific

HNW Testimonials

Ever since my initial encounter with Hanlon Niemann & Wright (I was with my father), the entire staff was professional, efficient, courteous, and very approachable.  All of our needs were met in a timely manner.  We even had fun with Fred.  The experience was terrific.  I would highly recommend them to everyone. Lois Mahler