Settling estates liquidating stocks


Attention trustee’s, don’t rush in and sell assets the same day someone dies!



Someone needs to collect the assets owned by the decedent, pay whatever debts and taxes may be owed, and then transfer the remaining property to the people entitled to the property.The first is to find the transfer agent, the company handling stock transactions for the certificate holder, and have the stocks changed from certificate form to direct registration or book entry, a record kept at the transfer agent, before selling them.The second is to put them in a brokerage account and then sell them.Then…The valuation and tax cost basis is the value the asset was sold at. The personal representative selected the alternative date of death date of September 10, 2007. All other assets (if not sold) would be valued and have a tax cost basis as of September, 10, 2007 on the 706 estate tax return.

Other Considerations To be noted is that, the value of any asset could be higher or lower on the alternative valuation date vs. In addition, shares or any asset do not necessarily require being sold by the personal representative.

If in June of 2007, the personal representative sold the shares for $65 a share, it would result in (all other things being equal) a tax liability of $3,750 ($25,000 X 15%).



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