Settling estates liquidating stocks

Dividing the estate should not trigger a taxable event.

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Here are the account holdings: The total account value is $402,454.94 making each musketeer’s share at $134,151.64 with two pennies left over.

In a best-case scenario, the siblings would agree unanimously on a fair and equitable settlement: Sell the home and split the proceeds, distribute other assets so one heir retains the property or negotiates buyouts for those wanting cash.

“The dollar limit (for summary probate) varies a lot by state, from just a few thousand dollars up to about $200,000,” says attorney Mary Randolph, author of “The Executor’s Guide.” “If you’re going to liquidate a house, you’re probably over because it is based on the value of the entire estate.” Retaining counsel is advised, and frequently required, when entering probate, especially if real property is involved or you are unfamiliar with the probate process.

“When you are put as the head of the estate, you have some serious responsibilities and liabilities,” says Jonathan Alper, an estate attorney in Heathrow, Fla.

For most stock trades, settlement occurs three business days after the day the order executes.