Attorneys in the state of New Jersey who specialize in estate planning need to complete an Inheritance Tax Resident Return (IT-R) form when handling the estate for someone who has died. The form which is produced by The State of New Jersey is 26 pages in length and can be quite complex to complete even for the most experienced.
The task of automating the capture of estate information and the production of the IT-R form was undertaken by a New Jersey Inheritance Tax specialist using Inforama. In this study we'll explore the main features of Inforama that were used in order to greatly reduce the time in processing cases.
Creating the Web Form
The Web Form divided into 15 pages, captures all information in relation to decedent's details,
beneficiaries, Real Estate, Closely Held Business, Bank Accounts, Stock Bonds, Life Insurance and Transfers.
Obviously it is not known in advance how many asset types a decedent will hold or how theses are willed to beneficiaries. The repeat panels allows for multiple entries to be made, taking into account beneficiaries who receive a fixed lump sum and or a percentage of the residuary. Each asset type is further broken down into who receives what and how much.
Now when the user is processing the form they simply click the add icon on each repeat panel to enter
details. As the user moves from page to page the information is recorded automatically.
The form can be saved at any time and reopened when the user wants to continue entering the details. As the form data is built up calculations are carried out in order to determine the taxable value of the estate and how much each of the beneficiaries should pay.
Preparing the IT-R PDF Form
Once all of decedent's information is captured, it will automatically be populated into the IT-R
form. Gone are the days of manually having to do calculations, the program automatically does all
of these for you. What once took days to complete can now be done within hours.
If adjustments need to be carried out, no problem, just open the web form again and carry out any necessary changes. Regenerate the IT-R form as often as is required.
Working with Cases
In the Inforama Studio, users can create cases to which they can add web forms in order to capture
case data. Cases can be opened at any time and statuses can be changed when completed.
The IT-R document can be generated any number of times as the user enters and adjusts figures in the Web Form data. When the user is happy with the output the generated document can be added to the case.
By using Inforama, Estate Tax Attorneys in New Jersey are finding that they are spending a fraction
of the time that they were spending previously processing Inheritance Tax Returns.
You can preview the actual Web Form in operation by going to the samples section of this site.