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May 6, 2024
11:30
:53
pm
Archaea
Intervention Needed
You have to ask the question for
Probate and basis reasons but it depends if you intend to distribute in kind or if you wish to sell and then distribute but are going in the right direction.
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Archaea
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Archaea
Joined
Mar 28, 2001
Last login
Sep 20, 2024
Total posts
98,202 (3,251 FO)
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Messages
Author
Time
Estate planning question. I am a co executor of my in laws estate. They made
Ycrazy
May 6, 11:10pm
Why don't you just sell the properties and then you will know exactly what they
vegasnative
May 6, 11:20pm
You want problems in the family, hold on to the real estate. Nothing
toadie
May 6, 11:30pm
We are not working together each sibling will be sole owner of any property
Ycrazy
May 6, 11:32pm
Then it doesn’t matter How do you value it as long as it’s consistent? For example
Blue2thebone
May 6, 11:42pm
For the only time in my life, I almost agree with Bone, except, they probably
Cougarbib
May 7, 12:41am
Half want to keep property other half want cash out. So it seems wasteful to
Ycrazy
May 6, 11:31pm
It may seem wasteful, but in reality it’s just the ‘fair’ action to take….
Crowd Factor
May 6, 11:50pm
Then see my post. Value it net of selling cost to determine pot size, and give
Cougarbib
May 7, 12:46am
Well… if you’re looking to find true market value, put it up for sale and right
Powerbait DPM
May 7, 6:52am
You have to ask the question for
Archaea
May 6, 11:30pm
Isn't the answer a moot point? If you go with appraised value and the sale is said property runs close, doesn't that
DJROSS
May 6, 11:59pm
You need to marshall the assets
CocaColaRecovery
May 7, 12:04am
This is what I was trying to say
Blue2thebone
May 7, 12:28am
A tax attorney may be better
bigjohn
May 7, 6:37am
We have done all these steps. The trust attorney told us that we had to decide
Ycrazy
May 7, 9:41am
Ask the attorney to clarify advice on how to handle this.
Cougarbib
May 7, 10:45am
Well. There will be selling costs if you sell them. Most people would sell them,
Cougarbib
May 7, 12:29am
Been executor 3 times - get things to cash before you start talking about splits
Jersey hunter
May 7, 1:11am
Assume liquidation of all assets for splits, individuals can then opt to hold specific assets
Bobber
May 7, 5:52am
I don't think you have a choice.
WVU_Prof
May 7, 3:53am
Not helpful to you, but to anyone reading: Do not have family as executor!
legiaourbana
May 7, 5:07am
My trusts and estates professor in law school said that he is never an executor
Pied Piper
May 7, 5:38am
You may need to use multiple real estate agents or a large agency. You want
NYC and Japan
May 7, 7:28am
Use NET value for all of them. That makes it fair for all, regardless of whether
byuinva
May 7, 7:34am
Good advice I heard: gather family and go through estate plan w/parents.
refunder
May 7, 7:45am
If parents are still alive and of sound mind, the parenrs can decide this and
Cougarbib
May 7, 8:30am
I think you need to use full value. The sellers can choose to FSBO or use
Spine
May 7, 8:30am
You need the property appraisals regardless to determine stepped up basis.
roseyscenario
May 7, 9:34am
This. And the appraisals need to be valued based on date of death.
Cougarbib
May 7, 10:46am
<< Deleted >>
Tuss
May 7, 12:33pm
You could split the difference and go halfway between the two methods,
Christopsomo
May 7, 5:37pm
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