Home Inventory Tools
| Company | Solution | Website |
|---|---|---|
| Insurance Information Institute (I.I.I.) | Know Your Stuff Home Inventory | www.knowyourstuff.org |
| Quicken | Quicken Home Inventory | www.quicken.intuit.com |
| Sharewareconnection | Weddle’s Home Inventory Tools 1.0 | www.sharewareconnection.com |
| Strongtech | EZasset | www.ezasset.com |
Nine Month Timeline for Settling an Estate
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Month One
- Choose Funeral Homes, Director, and Cemetery Here.
- Read the Will.
- Secure Personal Property.
- Identify Executor or Executors.
- Communicate with Beneficiaries concerning the process.
- Obtain a Death Certificate.
- Accumulate all related documents and bills.
- Create a property inventory.
- Choose a Probate Attorney Here.
Month Two
- With your probate attorney, file the Will.
- Make a list of all creditors and contact them. Let them know you will be handling their claims.
Month Three
- Bring bills, a creditor list, a list of property for sale, and an asset list to your accountant of choice.
- Inventory any safe deposit boxes and look for instructions concerning hidden assets.
- Provide informational updates to beneficiaries.
Month Four
- Request home values for properties.
- Appraisers should now be directed to appraise and liquidate assets on liquidation list.
Month Five
- Direct accountant to prepare Asset Inventory, Federal Estate Return 706. Here is the form. Understand the instructions.
- Review compensation with attorney.
Month Six
- Updates should be prepared and delivered to beneficiaries concerning preliminary accounting and inventories.
- Close out creditor claims.
Month Seven
- With the Attorney and the Accountant, review any and all pending issues.
- Assure that bills are all paid.
- Provide any alternative valuations for specific assets. If you are unsure, get multiple opinions on high-ticket items. Assistance can be found here.
Month Eight
- File taxes 1040 (form, instructions) and 1041 (form, instructions) using the assistance of your Accountant.
Month Nine
- Initiate asset distribution to beneficiaries.
- File a petition for discharge.
- Close the Estate.
Sell Your House
There is no obligation when completing and submitting this form. Fill it out to the best of your knowledge. Confidentiality is of utmost importance to us. All information will be kept strictly confidential. If you don’t know the answer to a question, or feel uncomfortable filling in a particular blank, leave it that way. We will contact you shortly if more info is necessary or to schedule an appointment to view the property.
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Dealing with Liquid Assets
Selling Liquid Assets
U.S. tax policy in the states that an asset’s tax cost basis can be adjusted and higher taxes can result.
Sometimes it may be advantageous to declare an “alternative date of death value” when an estate tax return (706) is to be filed. The alternative date of death value is the value six months after the date of death. This might help lower capital gains taxes in some circumstances.
If, however, assets are sold before the alternative date then the value in the estate tax return is the amount of the actual sale.
*Disclaimer: Before taking any action, seek the advice of a qualified attorney and tax accountant.
Martin Emerson Low, Senior Systems Engineer
Peter Lopipero President and CEO
