Oh dear, that must have been a messy situation to be in. I hope that they were able to convince the beneficiaries to help with the debts. Thank you for watching.
I was told not to pay small credit card amounts because the collection companies are not going to be able to prove it’s the decadent’s AND they won’t take you to court because it’s too expensive.
Michael, I’m not certain that is accurate. I’ve experienced some attorney’s getting the credit card companies to reduce the balance, but you wrote that they are small amounts. Keep in mind that if you are the executor or administrator, you have a fiduciary duty to the estate. If nonpayment of the credit cards should result in additional fees ie. interest and collection, you’d be outside your fiduciary duty for the estate. And, even worse, if the credit card companies should turn the debt over to a collection company after you have distributed the estate proceeds to the beneficiaries, you’d probably have a hard time getting the funds back from the beneficiaries to pay the debt.
I have watched numerous videos on selling an inherited house and capital gains. However, I have never heard any specific answer in 'determining' the house value at the date of death and date of sale, if the time-span has only been 3 - 4 months. Does an appraisal have to be obtained at date of death and date of sale, even if only a short amount of time (3-4 months) has taken place?
I’m currently helping an administrator of an estate and her attorney has asked for a date of death (DOD) market value of the property. When I am helping a client through the sale of an estate property, if they request it, I will provide data and an approximate value of the property as of the DOD. Since you sold the property (and assuming you had a REALTOR represent you), I would recommend you as them to help with a DOD property value or you could pay an appraiser to provide a DOD appraisal. Chances are that the appraisal would be very similar to the sales price (since it was only 90-120 days after the DOD), as long as the property was sold for fair market value. Hope this helps!
Hi Malena, did you mean the easy inventory collector? This video covers the 7 simplified steps in detail and covers what each of the 7 steps are. However, if it is the easy inventory collector you're interested in here is the link to the landing page for this document: contacts.byreferralonly.com/Form.aspx?Key=7414254A98479CE8E68789B2FC5D6106
My dad passed with trust he only made 1000 on W2 form sold the home within 3 months he owed over 1/3 of selling price to mortgage co. Do I do personal tax filing and separate trust taxes? I paid all debts but am concerned now when I do taxes on home sale I'll owe taxes
David, That’s a pretty complicated question and unfortunately, I’m not a tax advisor. You probably will need to do both tax filings, but I’m not completely sure. My strong recommendation is that you get guidance from a good tax advisor so that the taxes are completed accurately.
I am on a will. Of a relative. Who passed away.my oldest sister and myself.my oldest sister passed away,her daughter. Has the information, and is being secretive. Deceased lived in Texas, my sister daughter lives in AZ. And I live in LA.
![ภาพนี้ก็ฮาเหมือนกันนะเนี้ย #2 SS8 [ พากย์นรก MEME.EXE ] | easy boy](http://i.ytimg.com/vi/RMhUgxxD49Q/mqdefault.jpg)
Thank you for watching, liking, and commenting! I appreciate all of you!
I wish I had this available years ago. an attorney didn't guide my friend rightfully. They distributed the money before paying debts
Oh dear, that must have been a messy situation to be in. I hope that they were able to convince the beneficiaries to help with the debts. Thank you for watching.
I like your simplified 7 steps.
Thank you Gray E, I'm glad you found it helpful, thank you for watching and commenting!
Thank you so much! Very helpful!!
Valerie, you're so very welcome, thank you for watching and commenting!
I was told not to pay small credit card amounts because the collection companies are not going to be able to prove it’s the decadent’s AND they won’t take you to court because it’s too expensive.
Michael, I’m not certain that is accurate. I’ve experienced some attorney’s getting the credit card companies to reduce the balance, but you wrote that they are small amounts. Keep in mind that if you are the executor or administrator, you have a fiduciary duty to the estate. If nonpayment of the credit cards should result in additional fees ie. interest and collection, you’d be outside your fiduciary duty for the estate. And, even worse, if the credit card companies should turn the debt over to a collection company after you have distributed the estate proceeds to the beneficiaries, you’d probably have a hard time getting the funds back from the beneficiaries to pay the debt.
Very helpful
Glad to hear that, and thank you for watching!
I have watched numerous videos on selling an inherited house and capital gains. However, I have never heard any specific answer in 'determining' the house value at the date of death and date of sale, if the time-span has only been 3 - 4 months. Does an appraisal have to be obtained at date of death and date of sale, even if only a short amount of time (3-4 months) has taken place?
I’m currently helping an administrator of an estate and her attorney has asked for a date of death (DOD) market value of the property. When I am helping a client through the sale of an estate property, if they request it, I will provide data and an approximate value of the property as of the DOD. Since you sold the property (and assuming you had a REALTOR represent you), I would recommend you as them to help with a DOD property value or you could pay an appraiser to provide a DOD appraisal. Chances are that the appraisal would be very similar to the sales price (since it was only 90-120 days after the DOD), as long as the property was sold for fair market value. Hope this helps!
@@ProbateandTrustHelp Thank you ma'am, I really appreciate your time.
I would like to get a copy of your simplified 7 steps check list
Hi Malena, did you mean the easy inventory collector? This video covers the 7 simplified steps in detail and covers what each of the 7 steps are. However, if it is the easy inventory collector you're interested in here is the link to the landing page for this document: contacts.byreferralonly.com/Form.aspx?Key=7414254A98479CE8E68789B2FC5D6106
My dad passed with trust he only made 1000 on W2 form sold the home within 3 months he owed over 1/3 of selling price to mortgage co. Do I do personal tax filing and separate trust taxes? I paid all debts but am concerned now when I do taxes on home sale I'll owe taxes
David, That’s a pretty complicated question and unfortunately, I’m not a tax advisor. You probably will need to do both tax filings, but I’m not completely sure. My strong recommendation is that you get guidance from a good tax advisor so that the taxes are completed accurately.
@@ProbateandTrustHelp yup I needed to do two separate filing trust and his individual
I am on a will. Of a relative. Who passed away.my oldest sister and myself.my oldest sister passed away,her daughter. Has the information, and is being secretive. Deceased lived in Texas, my sister daughter lives in AZ. And I live in LA.
This a legal matter, you should speak with an attorney to get more information on this. Good luck to you.