Steven M Zelinger’s Answers

Steven M Zelinger

Philadelphia Estate Planning Attorney.

Contributor Level 20
  1. I am named beneficiary of my late father's life ins policies. Do I have to pay taxes on that money? I am in NJ

    Answered almost 3 years ago.

    1. Steven M Zelinger
    2. Mary Tom
    3. Christopher Michael Larson
    3 lawyer answers

    If it is as simple as the fact that a life insurance policy owned by your father is payable to you as the named beneficiary you will not owe any income tax as the person receiving the life insurance payment. Generally, life insurance payable to a named beneficiary is not income-taxable to the beneficiary. The only likely source of taxable income here would be if it was actually an annuity that generated a taxable portion which is deemed income in respect of a decedent. Also on a tangential...

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  2. Does a trust fund protect me from a lawsuit?

    Answered 3 months ago.

    1. Steven M Zelinger
    2. Bonnie Marie Bursk
    3. Charles E. Hutchinson
    4. Dana Whitney Atchley
    4 lawyer answers

    The question really is: when assets pass to or for your benefit into the trust are they protected from a judgment against you. (You can still be sued, its the result of the suit we are worried about). Most trusts and inheritances are not protected from creditors but depending on how your mom/parents set it up it is possible it is protected or could be changed to be protective in some fashion. Therefore your mother needs to have her planning reviewed to see if she can help protect you from...

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  3. Are wills state specific? Can I get a will in Ca for assets held in Louisiana?

    Answered 4 months ago.

    1. Christine James
    2. Steven M Zelinger
    3. Ivette M Santaella
    4. James Charles Shields
    5. Madison Nhung-My Nguyen
    5 lawyer answers

    When your will is drawn up it is typically based on the state of residence - and the plan would cover assets located everywhere/anywhere. Thus if I live in PA and have a house in NJ my will in PA will be able to dispose of my NJ house or if I have a trust with a situs in PA I can put the NJ house in that same trust. Sometimes there are tax issues to deal with but as for the general disposition, you should usually have only 1 will/trust as your main planning vehicle. If she resdies in...

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  4. My ex husband died a few months ago and my minor kids are his next of kin. He did not have a Will .

    Answered 8 months ago.

    1. Paul A. Smolinski
    2. Steven M Zelinger
    3. Joseph Franklin Pippen Jr.
    4. Estela Matta
    5. Alan James Brinkmeier
    6. ···
    7 lawyer answers

    Someone needs to open his estate - you would not be the natural person to do so. You can represent your children's interests however. In no event will the property be yours or turned over to you. His estate is responsible for his debts, not you.

    10 lawyers agreed with this answer

  5. My office provides free living trust's to our clients. We are accountants and usually prepare taxes, but in our experience with

    Answered 10 months ago.

    1. Ruth Elaine McMahon
    2. Lawrence A Ajalat
    3. Pearlette Vivian Toussant
    4. Vance Tate Davis
    5. Steven M Zelinger
    6. ···
    10 lawyer answers

    I don't see how this would not be considered unauthorized practice of law.

    10 lawyers agreed with this answer

  6. Why should you have an Insurance Trust?

    Answered 11 months ago.

    1. Steven M Zelinger
    2. William Henry Carmines
    3. Michael Leo Potter
    3 lawyer answers

    Insurance trusts usually refer to Irrevocable Life Insurance Trusts (ILIT) which are an arrangement where your life insurance is owned by a trust (not you) in order that the value of the insurance policy is not included in your taxable estate for estate tax purposes. If you have a large estate (say over 5 million with the life insurance) this may in fact be a good idea. Most people who are not in that asset category would have their life insurance proceeds pay to a trust (that they've created...

    10 lawyers agreed with this answer

  7. Is there a listing or posting of a person "Last Will & Testament" on the internet? If so how do you locate it?

    Answered over 1 year ago.

    1. Richard Albert Luthmann
    2. Eric Edward Rothstein
    3. Steven M Zelinger
    4. Joseph Franklin Pippen Jr.
    5. Marco Caviglia
    6. ···
    6 lawyer answers

    You can speak to the county probate office for information.

    10 lawyers agreed with this answer

  8. Can a monetary judgment attach to an estate's real property?

    Answered over 1 year ago.

    1. Peter J Weinman
    2. Paul Karl Siepmann
    3. Steven M Zelinger
    4. Charles Adam Shultz
    5. Nancy Loukus Ballast
    5 lawyer answers

    It shocks me that you do not have an attorney. Run to an attorney immediately.

    10 lawyers agreed with this answer

  9. Assigning a beneficiary in a Life Insurance policy?

    Answered over 1 year ago.

    1. Steven M Zelinger
    2. Charles Adam Shultz
    3. Jayson Lutzky
    4. John P Corrigan
    5. Sean Patrick Constable
    5 lawyer answers

    What you are contemplating is called a trust. You say you have a will but it is less than clear if you have a proper trust for the benefit of minor children in there. I would have the will reviewed and make sure that you have an appropriate trust that carries out your wishes. After that you will likely have the life insurance payable to the trust for the management of the trustee. Otherwise you are giving it to a person with the "hope" it will be properly used. While you may trust this...

    10 lawyers agreed with this answer

  10. Does my mom need to pay taxes on my grandmothers mobile home if it is willed to her?

    Answered about 2 years ago.

    1. Steven M Zelinger
    2. Howard Aaron Lazarus
    3. Christopher Michael Larson
    3 lawyer answers

    Note I am not a MN attorney but I believe MN has neither an inheritance or estate tax (these are collectively referred to as "death taxes" by some). Also, typically the death taxes are paid by the estate, although that can be modified so that the persons(s) inheriting pay the inheritance tax on their share. Someone who receives an inheritance does not pay personal income taxes on the property they received, as an inheritance is not considered income for federal or state income tax purposes....

    10 lawyers agreed with this answer

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