NJ Laws Email Newsletter E329
February 24, 2010
In This Issue:
RECENT CASES:
1. WILLS AND ESTATES - ADMINISTRATORS
2. CHOOSING BENEFICIARIES for IRA, LIFE INSURANCE, etc.
3. VERCAMMEN, PAGANO -- CHAMPIONS for SOUTH BRUNSWICK
at DISTRICT 20 WRESTLING TOURNAMENT.
4. NEXT ESTATE PLANNING SEMINARS
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(732) 572-0500
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Greetings Kenneth Vercammen,
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1. WILLS AND ESTATES - ADMINISTRATORS 38-2-6880 I/M/O Estate of Hope, App. Div.
DOCKET NO. A-2988-08T32988-08T3
It has long been recognized that "'courts are reluctant to remove an executor or
trustee without clear and definite proof of fraud, gross carelessness or indifference.'"
Decided: In this appeal by two of the decedent's adult children of the trial court's
denial of their motion to remove the administrator cum testamento, the appellate
panel finds no abuse of the trial judge's discretion and affirms the denial. The
appellants failed to submit any competent proof that the administrator's judgment
in selling one property for less than the appraisal constituted fraud, gross carelessness
or indifference under the circumstances.
Similarly, they failed to establish a prima facie case justifying removal based
on a failure to protect the estate in connection with his attempted sale of the
larger property as there is nothing exceptionable about a contract of sale where
the purchaser requires governmental approvals to sustain a higher purchase price
and it is clear that appellants sought to frustrate the contract by delaying and
preventing the necessary governmental approvals. Moreover, the estate was not harmed
by the absence of a right of termination prior to the expiration of the contract.
Source: From: NJ Law Journal Daily Briefing - 02/23/2010 dailybriefing@njsba-njldailybriefing.com
[mailto:dailybriefing@njsba-njldailybriefing.com]
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2. Choosing Beneficiaries for IRA, Life Insurance, etc.
You can name beneficiaries to receive certain assets after your death, including
individual retirement accounts (IRAs), life insurance policies, and annuities.
Make those designations carefully, since they typically override any provisions
in your will. Consider the following points:
List all assets with beneficiaries, noting the owner, primary beneficiary, and contingent
beneficiary. Also indicate the expected value of each asset.
Select the most appropriate person as beneficiary for each asset. In some cases,
tax and estate planning considerations may help dictate whom to choose. For instance,
spouses typically have more options when inheriting an IRA, so that may be the better
choice for your IRA.
Name contingent beneficiaries.
Without a named contingent beneficiary, the asse will be included in your probate
estate if your primary beneficiary dies before you. Then, the asset may have to
go through the probate process and may be distributed to a beneficiary you had not
intended to receive that asset.
When naming more than one beneficiary, indicate what percentage of the asset each
beneficiary should receive. Also decide whether each beneficiary's share should
be distributed to that person's heirs or divided among the remaining beneficiaries
if a beneficiary dies before you.
Assess whether your beneficiaries are capable of managing the asset. If not, you
may want to set up a trust to control distribution of the asset.
Review your beneficiaries periodically to determine whether changes are necessary.
A divorce, remarriage, spouse's death, or child's birth is all events that may require
changes to beneficiaries. You should also review your beneficiary choices if you
make changes to your will.
Source:
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3. Vercammen, Pagano -- Champions for South
Brunswick at District 20 Wrestling Tournament.
From the Trentonian
The South Brunswick wrestling team did have some
bright moments on its home mat the District 20 Tourney. One came from Brendan
Vercammen,
who won the 171-pound weight class with a 4-3 win over Steve Zafrani of Old
Bridge.
South Brunswick also got gold from 130-pounder James
Pagano,
who beat Ryan Levinski of East Brunswick, 7-2, in his final.
Other medal winners for South Brunswick who
advanced to the Region 5 championship are Justin Lopez -2nd place, Chad
Capraro, Frank Capraro, Justin DeAndrea, Jeff Goldhagan.
Brendan Vercammenis the two-time
District champ and defending Region 5 champion.
The Region V tournament kicks off Friday night
at 5:30 p.m. at Hunterdon Central High School. Brendan is seeded 1st in the
Region tournament.
Full Trentonian Article [http://r20.rs6.net/tn.jsp?t=htwjwkdab.0.0.be4bcacab.0&ts=S0461&p=http%3A%2F%2Fwww.trentonian.com%2Farticles%2F2010%2F02%2F21%2Fsports%2Fdoc4b80b766ea1b8649764657.txt&id=preview]
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4. Next Estate Planning Seminars: [http://r20.rs6.net/tn.jsp?t=htwjwkdab.0.0.be4bcacab.0&ts=S0461&p=http%3A%2F%2Fwww.njlaws.com%2F&id=preview]
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