The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing

URL:  http://boards.fool.com/gtgttheres-a-gaping-hole-in-this-story-ive-26562154.aspx

Subject:  Re: Estate / death taxes: was my grandfather foo Date:  4/14/2008  3:38 PM
Author:  mrparrotfez Number:  62263 of 76392

>>There's a gaping hole in this story. I've administered two uncontested wills from a distance, neither simple, and both closed the day the law allowed, which was a long way shy of 2 years. Someone dropped the ball other than the lawyers.<<

Some of it was due to delays unloading the real estate, for which I don't blame the lawyers. However, I have been following the saga for a couple of years now, and when I asked about the status I often heard 'we're waiting on the lawyers.' Lawyers in different states, sometimes. So that's why I tend to think that the lawyers involved dragged things out. And when we learned this year, three full months after the closing, about the K-1 business--which is the kind of thing lawyers are supposed to tell you is coming--then as far as I'm concerned it's consistent with the diagnosis of general legal sloth.

If you like, I'll ask my SIL just how much the estate paid the lawyers over the course of its existence, then run that number by you, and you can tell me how reasonable that sounds. The assets were some rental houses and a duplex, significant cash/investment holdings, a primary residence and a vacant lot. Grand total was about $2 million.

I hope it's a long time before I perform my service as my mother's executor, and I hope she manages to enjoy her last nickel on her day of passage. But when I am the fiduciary one day, I will select the legal help with care--and if it drags its feet, I'll find legal help that won't.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us