Witman Stadtmauer News Today

Oklahoma City-based Acorn Growth has announced the merger of one of its portfolio companies, Aerospares 2000 Ltd., with Sentry Aerospace Corp.

/PRNewswire/ -- Aerospares 2000 Limited (Aerospares), an Acorn Growth Company, today announced the recent completion of its merger with Sentry Aerospace...

Who inherits this IRA after the beneficiary dies? Today 5:30 AM Q. My mother, 93, died on Sept. 1, 2020. She left in her will an IRA account with her three grandsons as beneficiaries. One grandson did not turn 18 until late December and we were advised by the financial institution that it would be better for the other two grandsons to wait until then to withdraw. My son, 47, was one of the beneficiaries and he died on Jan. 12, 2021 and he had not yet done anything with the IRA. A clause in mom...

Will there be a step-up in basis for this inheritance? Posted May 10, 2021 Q. My sister, her husband, and I own an S Corporation with 25%, 25% and 50% ownership, respectively. The S Corporation invests in rental properties. My brother-in-law passed away earlier this year, so does my sister get a step-up in basis for her husband’s portion? — Family business A. We’re sorry to hear about your brother-in-law, and it’s kind of you to try to help your sister. This is also referred to as a st...

I’m buying a house for my daughter. How should I do it? Updated 5:30 AM; Q. I am buying a property that my daughter is going to reside with my two grandchildren. I am paying cash for the house. The house will be in my name, my wife’s name and my daughter’s name. Does this plan make sense? I am purchasing the house with a contract made for me and my wife. We are adding our daughter to the deed. We would gift her half of the house, then gift her cash that she will use to buy the other half...

My ex died. Will any of his assets come to me? Updated 9:30 PM; Q. I was married for 21 years. When I divorced my husband, he had been in prison for trying to kill me so I asked for nothing in the divorce because I was afraid of him. I only had an attorney the court appointed. He died in August and somehow my adult daughter got all the money from his death benefits and pension. Does this sound like a normal situation? — Divorced And unfortunately for you, there’s probably nothing you can d...

What are the advantages of putting assets into a trust? Updated Mar 17, 2021; — Planning While you are competent you can act as trustee, alone or with another as co-trustee. When you no longer wish to manage, or when you are no longer capable of managing your affairs, your co-trustee or a successor trustee can assume all of the duties, said Catherine Romania, an estate planning attorney with Witman Stadtmauer in Florham Park. If you did not place your assets into a revocable trust, you would...

My brother died. Are these fees taken from his estate legal? Updated Feb 02, 2021; Q. I’m a beneficiary to my brother’s estate in New Jersey. My younger brother, the executor, is also a real estate broker. When he sold two properties from the estate, he paid himself real estate commissions totaling about $75,000. He never accounted for the rents on the real estate for the two years he managed the properties. Can he do this and do I have any recourse? — Older brother A. It can get ugly wh...

The inheritance tax is based on the deceased's relationship to the heirs.

The inheritance tax is based on your relationship to the person who died.