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What date is used to value an estate for calculating the executor fee?
Wiki User
∙ 16y ago
An estate is the total value of all your assets at the time of your death.
Wiki User
∙ 16y ago
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If you purchase a home from a taxable estate with another co-executor at appraised value rather than market to reduce additional estate tax how do you determine the third co-executor's fair portion?
The house must be included at fair market value as of the date of death regardless of the amount actually paid for the house. the only exception to this rule, would be if the executor elects the alternate valuation date, which would be the fair market value at the earlier of 6 months after date of death or the date ther property was sold.
What date is the executor fee calculated on?
It is valued on the date chosen by the executor for the valuation of the estate. Check the laws for the allowable range in your state.
Does authorization for executor of an estate have an expiration date?
It will depend on the laws in their jurisdiction. Most have an expiration date associated with them. The executor can apply for an extension and will have to submit annual accounting, as well as pay taxes on the estate.
What is the executors year?
The executor's year is the law in which an executor of an estate has a year from the date of death that they don't have to pay out any money to anyone but the taxman and the undertakers.
How long does an executor have to settle an estate in Maryland?
In Maryland, an executor typically has nine months from the date of appointment to settle an estate. However, this time frame can be extended if necessary by the Orphans' Court for various reasons. It is important for the executor to communicate with the court and beneficiaries to ensure timely completion of the estate settlement.
Is the inheritance tax on stocks based on the value of the date of the deceased?
The date of valuation is determined by the executor. The rules allow them to choose a date for the value. They have to state the date and use it for all the assets.
How long does an executor have to settle an estate in Texas?
In Texas, an executor typically has four years from the date of the decedent's death to settle the estate. However, it is recommended to address the estate as promptly as possible to avoid potential complications or delays in the distribution of assets to beneficiaries.
Does the executor have the right to take a third of your inheritance?
No. Executors are compensated by what are called commissions on the corpus of the estate and the income of the estate. The "corpus" is the date of death value of all the decedent's assets. The "income" is interest, dividends, rents, etc, earned by the corpus items after the date of death. Commissions are calculated using percentages stated in each state's laws. I know of no state that fixes a third of the inheritance as the executor's compensation. Check the laws in the state where the will was probated for specific information.
FWhat is excutor of will mean?
The executor is responsible for making sure all assets in the will are accounted for, along with transferring these assets to the correct party (parties). Assets can include financial holdings, such as stocks, bonds, or money market investments; real estate; direct investments; or even collectibles like art. The executor has to estimate the value of the estate by using either the date of death value or the alternative valuation date, as provided in the Internal Revenue Code (IRC) The executor also needs to ensure that all the debts of the deceased are paid off, including any taxes. The executor is legally obligated to meet the wishes of the deceased and act in the interest of the deceased.
What is the rate of compensation to the executor of an estate?
The rates of compensation of executors are fixed by the laws of the state in which the will was probated. Generally, executors get a percentage of the "corpus" and of the "income" of the estate. "Corpus" means the assets of the decedent at the date of his death. "Income" means interest, dividends, rents, etc earned by the corpus after the date of death. You must check the probate state's laws for the actual percentages AND what types of property qualifies as "corpus". For example, at least in New Jersey an executor might, in certain circumstances, not be entitled to commissions on the value of, say, real estate that passed to a joint owner.
What can you do if the executor won't settle my moms estate?
Usually there are steps to be followed before the estate is finally settled. Depending on the state, there is an ending date, which might be a year later. There is also an extended period of time for bills to be presented to the estate for payment. The thing to do is to wait, offer any help or documentation if you have it, and wait some more until the estate is settled. Becoming an issue with the executor certainly will not speed things up.
What legal rights does an heir to an estate in Tennessee have when the executor will not communicate or provide any financial documents?
This is a difficult situation and you should consult with an attorney who specializes in probate. The heirs have the right to have the estate settled as expeditiously as possible. Once a Will is filed for probate it becomes a public record. The heirs can visit the court, request to see the file and review all the filings up to date. Remember that the executor has no authority until they have been appointed by the court. The court must approve the Will and the appointment of the executor. The executor has the legal duty to file the Will as soon as possible. If the appointed executor is not performing their tasks in a timely manner the heirs can file motions to compel the executor to act or to replace the executor. If the executor won't file the Will, any interested party can petition the probate court to order the executor to submit the Will to the court. Withholding a Will after the death of the testator is a serious offense. Any interested party could also petition to be appointed the estate representative for an intestate estate and the estate will be handled according to the laws of intestacy as if there was no Will. In any case, you need expert legal advice.
