AMT and Equity Compensation
Alternative minimum tax, nonqualified stock options, incentive stock options and other forms of equity compensation.
general probate requirement question
Posted by: 3376tdf, September 19, 2017 03:38AM
I have inherited ( or will soon) an estate of approx. 95-110K consisting of mostly stock. Since the estate value jumps around as a result of stock prices, I was not sure if probate is necessary. In Illinois, rule is that probate not necessary if estate less than $100K.

1) So, I assume that I use the value of the stocks as of date of death to determine whether above or below this $100k threshhold?

2) I am the only beneficiary. Assume I was above the $100 K Threshold, what happens if I just take the money/stock and don't go through probate process? What mechanism is there to enforce the who comes after me if I don't follow rule precisely?

3) If I am under $100 k limit , is there some official /legal closing of the estate after I take the assets? Some legal forms that are required?

Note: I have filed the will within the 30 days of death with the appropriate county authorities.

Not really a tax question but was hoping you could help.

Re: general probate requirement question
Posted by: Drewremedy, October 1, 2017 08:02PM
Unless the account is POD or TOD how do you get the assets?

Might rush to have that designation added now?

Re: general probate requirement question
Posted by: 3376tdf, October 4, 2017 03:33PM
Yes, I got the assets because they were in a Schwab account with POD to me specified.

I have the assets now and my Mom's account(s) are now empty.

I just wasnt' sure if I had to do something else as the account was valued at about 104 K on day of death and at 98.5 K when I actually received the assets.

Also, just wasn't sure about closure in general. Note: I am taking care of the estate and final income tax returns with her accountant.

thanks for any other insight.

Re: general probate requirement question
Posted by: Drewremedy, October 11, 2017 03:13AM
I don't think assets that pass by POD are counted in the size of estate if you mean the IL small estate process. if there are things other than POD you might need to file small estate administration.

Your basis is as of the date of death

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