Estate Planning & Administration

Estate Planning

Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of organizing your financial affairs.

Services for Trustees and Executors

If you are named Executor, Trustee or Corporate Trustee of an estate, that appointment comes with a variety of complex and demanding duties and responsibilities that you may not be prepared to handle. Memoli & Company PC is well equipped to assist Executors and Trustees meet their fiduciary obligations and responsibilities under the law.

Decedent’s Final Income Tax Return

We can assist you with determining if your loved one is required to file a final individual income tax return, determine the reportable income and expenses and prepare the return if one is required.

New Jersey Transfer Inheritance Tax 

The State of New Jersey imposes a transfer Inheritance Tax, on property having a total value of $500 or more which passes from a decedent to a certain class of beneficiary. Generally, an inheritance tax return must be filed and the tax paid on the transfer of real or personal property within eight months after the death of the decedent.

Federal and New Jersey Estate Tax

A Federal and New Jersey estate tax return must be filed if the decedent's gross estate plus adjusted taxable gifts as determined in accordance with the provisions of the Internal Revenue Code exceeds $5.49 million. It must be filed within nine months of the decedent's death.

Federal Trust and Estate Income Tax Return Preparation

We have a team of professionals who specialize in the fiduciary income tax preparation and are experienced in the preparation of federal and state returns for probate estates, simple and complex trusts, charitable remainder and lead trusts and grantor trusts. 

Fiduciary Accounting Services

As an executor or trustee you are considered the Fiduciary. The Fiduciary is obligated to account for all assets, expenses and other financial matters related to the estate or trust. Our firm is well equipped to handle accounting matters and prepare fiduciary accountings for estates, trusts, guardianships, conservatorships and more.

•  Allocate assets and transactions for beneficiaries and prepare schedules
• Record and classify receipts and disbursements for tax and accounting purposes
• Allocate transactions between principle and income