Q&A for How to Calculate the Value of an Estate

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I live in Florida. I need to know the fair market value of my deceased mom's house. Which do I use to determine the market value, date of death or alternate valuation?

Carla Toebe
Real Estate Broker
Carla Toebe is a licensed Real Estate Broker in Richland, Washington. She has been an active real estate broker since 2005, and founded the real estate agency CT Realty LLC in 2013. She graduated from Washington State University with a BA in Business Administration and Management Information Systems.

Carla Toebe

Real Estate Broker

Expert Answer

It can be valued at the date of alternate valuation if it reduces the estate's tax liability. If valued at the alternate valuation date then all properties disposed of between the date of death and the alternate valuation date are valued as of the date of disposition. http://www.investopedia.com/exam-guide/cfp/postmortem-estate-planning/cfp2.asp?lgl=myfinance-layout-no-ads

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Question

If I cash in savings bonds after the person dies, are they included in the estate assets?

Carla Toebe
Real Estate Broker
Carla Toebe is a licensed Real Estate Broker in Richland, Washington. She has been an active real estate broker since 2005, and founded the real estate agency CT Realty LLC in 2013. She graduated from Washington State University with a BA in Business Administration and Management Information Systems.

Carla Toebe

Real Estate Broker

Expert Answer

The answer would depend on the who is named and who has died, and whether more than one person is named. Here is a link that details some scenarios that might help to answer this question. https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eedeath.htm

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Question

Is clothing part of the estate value?

Carla Toebe
Real Estate Broker
Carla Toebe is a licensed Real Estate Broker in Richland, Washington. She has been an active real estate broker since 2005, and founded the real estate agency CT Realty LLC in 2013. She graduated from Washington State University with a BA in Business Administration and Management Information Systems.

Carla Toebe

Real Estate Broker

Expert Answer

Yes. Clothing should be appraised along with everything else, but always check with an estate attorney for the laws of your state.

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On what amount do I base my executor fee on? Should it be on the final amount that is left in the estate, the gross amount in the beginning, or the amount submitted for probate?

Carla Toebe
Real Estate Broker
Carla Toebe is a licensed Real Estate Broker in Richland, Washington. She has been an active real estate broker since 2005, and founded the real estate agency CT Realty LLC in 2013. She graduated from Washington State University with a BA in Business Administration and Management Information Systems.

Carla Toebe

Real Estate Broker

Expert Answer

There are differing laws about this among the different states so it is best to check with an attorney for this. See http://www.alllaw.com/articles/nolo/wills-trusts/payment-serving-executor.html

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Can the executor of an estate allow a home to go into foreclosure?

Carla Toebe
Real Estate Broker
Carla Toebe is a licensed Real Estate Broker in Richland, Washington. She has been an active real estate broker since 2005, and founded the real estate agency CT Realty LLC in 2013. She graduated from Washington State University with a BA in Business Administration and Management Information Systems.

Carla Toebe

Real Estate Broker

Expert Answer

A home can go into foreclosure if the mortgage is not paid. If there is not enough money in the estate to pay for the mortgage, the property should be listed for sale as quickly as possible in order to avoid foreclosure.

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