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The absolute basics of estate taxes

Freireich stressed the importance of updating the beneficiaries of assets like insurance policies – so your assets don’t go to a former spouse, for instance.freireichJay112111_opt

  • The executor’s job is to wind up the estate, collect assets, pay the debts and expenses, file a final income-tax return, and so forth. There can be more than one executor. He or she should also make sure the assets are insured: If the dead person’s house burns down, without insurance coverage, the executor may be held responsible.

Executors are paid, the amount depending on the size of the estate.

  • The spouses should see that each has assets in his or her name – otherwise one New Jersey $675,000 exemption may go to waste.

Freireich also talked about guardians, trustees, power of attorney, health care directives, generation skipping transfer taxes, gift taxes, the unified credit, ownership of real property, and so forth. All of which made me glad I didn’t become a lawyer.

Since 1986 Freireich has been in the private practice of law representing clients in their tax, business, and estate planning and estate litigation needs. His clients are mostly individuals and small- to mid-sized companies. He practices exclusively in the areas of taxation, estate planning, estate administration, estate litigation, asset protection, reorganization, corporations, trusts, civil and criminal tax litigation and commercial litigation.

He received his BA degree from York University, Toronto (1982), Juris Doctor degree from Nova University, Fort Lauderdale (1985), and Masters of Laws in Taxation degree from the University of Miami (1986). He was born in Atlantic City, N.J. in Sept. 23, 1959.

To receive Warren Boroson’s column regularly, drop him a note at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

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Comments (1)
1 Thursday, 24 November 2011 16:20
Sherry freireich
liked the article written about Jay Freireich's presentation on the Basics of Estate Tax.

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