Long Rambling Thread few questions about estates

Miscellaneous and Personal Stuff I Must Share
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I’ve taken a self imposed hiatus from the board. On July 3rd my father passed away (please don’t post condolences here I know everyone is sorry)

Cause of death in my eyes is the sorry state of health care in the US. Official cause of death was Cardio Pulmonary Arrest and Bladder Cancer.

I say sorry state of health care because none of the tests that were needed to determine what medical treatment could be given to fight the cancer could be done unless he was out of the hospital and in a rehab facility or his home. Every time he was scheduled for a test he had a setback before the test could be performed.

My questions (as greedy as it sounds is) inheritance and getting the most money I can from the estate.

I am not the executor, another family member is and she was given the contents of the house. Of which she took practicality everything that was there. The items my mother left to my father all gone. The only things left were photos of my parents, and some drawings that had me in it. Anything of financial value except what was stated in the will she took.

On to what I have.
His car… Physically I have it and the title. The estate has not gone through probate yet but the executor let me take the car and the unsigned title. I don’t have the need for a second car and plan on selling it but I need to know how to get the car re-titled in the state I am in? The car and estate was in a different that than I am in.

The house. According to the will I am to inherit it. Thing is I can’t get enough time off from work to really enjoy the house so I want to sell it. I know if I wait for the house to clear probate and I get the title to the house (no mortgage) then my basis (cost) is the market value of the house at the time I sell it. Would I then be liable to NJ for tax on the proceeds of the house?

Conversely if I were to have the “estate” sell the house would the sale value be considered inherited money and fall under inheritance taxes? The house was a few years old and I don’t think it will sell for much more than what the house was bought for.

Lastly his checking and savings accounts. I believe according to the will I am entitled to that too. Am I correct in that until the tax returns are completed that money has to be used to pay any outstanding taxes and the fees the executor is entitled to?

Speaking of the executor duties. It has come to my attention that the insurance company insuring the house has not been notified that the policy holder is no longer with us. Is that correct?

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You need an attorney that specifically targets people who abuse their power of attorney status. Stat.
Perhaps is it possible your folks estate was being handled by a financial advisor and an attorney already? If this is the case, all things of value are often liquidated. Any item requested from the estate is given a fair cash value, which is deducted from the monetary settlement(s) at the end. My thought is that the estate is not being liquidated, since you weren’t advised of that by an attorney upon receipt of the vehicles.
Yeah, definitely get an attorney to check this out. Law schools often offer legal services pro-bono. That might be worth looking into, provided you may otherwise be facing a very costly, lengthy legal battle.
It sucks how greedy family can be so heartless at auch a sensitive time. Hope everything works out for you… good luck.

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The basis of the house will be the Fair Market Value (FMV) on the date of death, not the date of sale. Often, if the sale occurs within a short time of death, people use the sale price as the FMV. If you haven’t had the house appraised, it will save you a lot of grief and expense to get a licensed real estate appraiser to give you a report as soon as possible. Ask him for an FMV report as of the date of death. A formal report from a licensed appraiser is the best. A “market assessment” by a real estate agent is not very good.

The executor can elect to use an “alternate valuation date” as of 6 months after the date of death. This is rare. In order to use the alternate valuation date both of the following conditions must be satisfied: 1) the estate must be subject to estate tax and 2) the alternate valuation must reduce the tax on the entire estate.

I am sorry, I am not familiar with the workings of the NJ inheritance tax.