Life insurance — a useful tool for estate planning and management
An illiquid estate can be very difficult to administer. If the estate assets include real estate or a business to be sold, there can be a need for substantial cash to maintain these pending sale. If the beneficiaries of the Estate are Class C (siblings) or Class D (all others), New Jersey Transfer Inheritance Tax will need to be paid. Many Wills direct that these taxes be paid from the estate...