FFA Lawyers - Need help father's estate (1 Viewer)

[IC FBGCav]

Closing my dad house tomorrow in PA. Sister is executor. There was a problem with the title. When pop bought the house he only got one of the two previous owners signatures and there was work that had to be done on the title. Our probate attorney has a percentage of the estate, should he get more for dealing with this matter? Overall it is like 700.00 extra but without having much detail. When he is charging 56.00 to overnight that paperwork when he had 3 weeks to correct this, that sounds high. Seems like he marked up other things in that matter too.

Now for the big one. The house is being sold for 42K the profit on the house(after all expenses in the closing) is 17K+, he is taking out 2850.00 for inheritance tax on the closing which the tax is 4.5%. Sister is going nuts, this does not sound correct to me. All insight will be appreciated.

 

[IC FBGCav]

Just talked to the relator, the check being cut for 2850.00 for inheritance tax is not going to the PA DOR, it is going to the estate. Makes no sense to me.

 

[BobbyLayne]

Which state?

 

[BobbyLayne]

Sorry commonwealth of PA, right?

 

[BobbyLayne]

So 4.5% seems like applicable rate. Presumably made out to the estate so it can go into an escrow acct or be set aside for final estate return. Maybe a lawyer can weigh in on the fee structure; doesn't strike me as way out if whack, what is that, 2.0 billable hours?

I think I'm missing the issue. What is your concern, GB?

 

[BobbyLayne]

Also, ashamed at my lack of manners - sorry for your loss. It's never easy at any age.

These are emotional times and the most delicate/sentimental of real estate transactions. Try to be the rational voice of reason here for your sister.

You want to be savvy but these kind of services aren't exactly blue light specials. I'm sure at some level it's worth it just to have it behind you, no?

 

[IC FBGCav]

Also, ashamed at my lack of manners - sorry for your loss. It's never easy at any age.

These are emotional times and the most delicate/sentimental of real estate transactions. Try to be the rational voice of reason here for your sister.

You want to be savvy but these kind of services aren't exactly blue light specials. I'm sure at some level it's worth it just to have it behind you, no?

Dad died, he was going to die no matter what. Got up from NC to spend the last two days with him. Spent Xmas there too (he died on 1/11/14). I was glad to see him go fast and somewhat peaceful. So this is not an issue.

Why put inheritance tax in a house closing when the estate is not settled would be my most important question.

 

[SaintsInDome2006]

Closing my dad house tomorrow in PA. Sister is executor. There was a problem with the title. When pop bought the house he only got one of the two previous owners signatures and there was work that had to be done on the title. Our probate attorney has a percentage of the estate, should he get more for dealing with this matter? Overall it is like 700.00 extra but without having much detail. When he is charging 56.00 to overnight that paperwork when he had 3 weeks to correct this, that sounds high. Seems like he marked up other things in that matter too.

Now for the big one. The house is being sold for 42K the profit on the house(after all expenses in the closing) is 17K+, he is taking out 2850.00 for inheritance tax on the closing which the tax is 4.5%. Sister is going nuts, this does not sound correct to me. All insight will be appreciated.

Well maybe because it has to go into escrow when the money comes through, either way the inheritance tax has to be paid out through the succession, right?

 

[IC FBGCav]

Closing my dad house tomorrow in PA. Sister is executor. There was a problem with the title. When pop bought the house he only got one of the two previous owners signatures and there was work that had to be done on the title. Our probate attorney has a percentage of the estate, should he get more for dealing with this matter? Overall it is like 700.00 extra but without having much detail. When he is charging 56.00 to overnight that paperwork when he had 3 weeks to correct this, that sounds high. Seems like he marked up other things in that matter too.

Now for the big one. The house is being sold for 42K the profit on the house(after all expenses in the closing) is 17K+, he is taking out 2850.00 for inheritance tax on the closing which the tax is 4.5%. Sister is going nuts, this does not sound correct to me. All insight will be appreciated.

Well maybe because it has to go into escrow when the money comes through, either way the inheritance tax has to be paid out through the succession, right?

The tax has to be paid(I am an accountant FYI). But why put an arbitrary number in a house closing when all the funds will go into an estate account when it can be figured properly?

 

[IC FBGCav]

How I see it, all the proceeds from the estate go into the account. You pay the inheritance tax 4.5% off the total amount of the estate, the lawyer 5% off the amount of the estate and then disperse as the rest of the will stipulated. Am I wrong?

 

[SaintsInDome2006]

Closing my dad house tomorrow in PA. Sister is executor. There was a problem with the title. When pop bought the house he only got one of the two previous owners signatures and there was work that had to be done on the title. Our probate attorney has a percentage of the estate, should he get more for dealing with this matter? Overall it is like 700.00 extra but without having much detail. When he is charging 56.00 to overnight that paperwork when he had 3 weeks to correct this, that sounds high. Seems like he marked up other things in that matter too.

Now for the big one. The house is being sold for 42K the profit on the house(after all expenses in the closing) is 17K+, he is taking out 2850.00 for inheritance tax on the closing which the tax is 4.5%. Sister is going nuts, this does not sound correct to me. All insight will be appreciated.

Well maybe because it has to go into escrow when the money comes through, either way the inheritance tax has to be paid out through the succession, right?

The tax has to be paid(I am an accountant FYI). But why put an arbitrary number in a house closing when all the funds will go into an estate account when it can be figured properly?

How I see it, all the proceeds from the estate go into the account. You pay the inheritance tax 4.5% off the total amount of the estate, the lawyer 5% off the amount of the estate and then disperse as the rest of the will stipulated. Am I wrong?

Ok, I see your point.

Did you ask the attorney this question?

 

[IC FBGCav]

Closing my dad house tomorrow in PA. Sister is executor. There was a problem with the title. When pop bought the house he only got one of the two previous owners signatures and there was work that had to be done on the title. Our probate attorney has a percentage of the estate, should he get more for dealing with this matter? Overall it is like 700.00 extra but without having much detail. When he is charging 56.00 to overnight that paperwork when he had 3 weeks to correct this, that sounds high. Seems like he marked up other things in that matter too.

Now for the big one. The house is being sold for 42K the profit on the house(after all expenses in the closing) is 17K+, he is taking out 2850.00 for inheritance tax on the closing which the tax is 4.5%. Sister is going nuts, this does not sound correct to me. All insight will be appreciated.

Well maybe because it has to go into escrow when the money comes through, either way the inheritance tax has to be paid out through the succession, right?

The tax has to be paid(I am an accountant FYI). But why put an arbitrary number in a house closing when all the funds will go into an estate account when it can be figured properly?

How I see it, all the proceeds from the estate go into the account. You pay the inheritance tax 4.5% off the total amount of the estate, the lawyer 5% off the amount of the estate and then disperse as the rest of the will stipulated. Am I wrong?

Ok, I see your point.

Did you ask the attorney this question?

The question is in to him. He did my dad's will. I know him from high school but my sister is executor so I have not contacted him. Sister questions me and I tell her what to ask him. But usually it takes him days to answer a call. He works in a small town where I grew up. I have hired attorney's many times and I would have fired him if this was in a business setting just due to lack of response and lack of urgency with what he does.

 

[IC FBGCav]

Also, closing is at 11am tomorrow,

 

[IC FBGCav]

Closing my dad house tomorrow in PA. Sister is executor. There was a problem with the title. When pop bought the house he only got one of the two previous owners signatures and there was work that had to be done on the title. Our probate attorney has a percentage of the estate, should he get more for dealing with this matter? Overall it is like 700.00 extra but without having much detail. When he is charging 56.00 to overnight that paperwork when he had 3 weeks to correct this, that sounds high. Seems like he marked up other things in that matter too.

Now for the big one. The house is being sold for 42K the profit on the house(after all expenses in the closing) is 17K+, he is taking out 2850.00 for inheritance tax on the closing which the tax is 4.5%. Sister is going nuts, this does not sound correct to me. All insight will be appreciated.

Well maybe because it has to go into escrow when the money comes through, either way the inheritance tax has to be paid out through the succession, right?

The tax has to be paid(I am an accountant FYI). But why put an arbitrary number in a house closing when all the funds will go into an estate account when it can be figured properly?

How I see it, all the proceeds from the estate go into the account. You pay the inheritance tax 4.5% off the total amount of the estate, the lawyer 5% off the amount of the estate and then disperse as the rest of the will stipulated. Am I wrong?

Ok, I see your point.

Did you ask the attorney this question?

The question is in to him. He did my dad's will. I know him from high school but my sister is executor so I have not contacted him. Sister questions me and I tell her what to ask him. But usually it takes him days to answer a call. He works in a small town where I grew up. I have hired attorney's many times and I would have fired him if this was in a business setting just due to lack of response and lack of urgency with what he does.

Also the one that messed up the original deed is my cousin. Matt Mangino(who is on the murder channels as an expert) ex DA, his brother is Bear Mangino. The ex Oklahoma OC and ex Kansas head coach. Fun facts for all.

 

[Yankee23Fan]

Don't know the law out there but it could be a call in the title report of the buyer to do it. Also or separately in nj you can make partial payments to stop any penalties or interest from accruing. Frankly there are alot of reasons why you would do this.

 

[IC FBGCav]

Don't know the law out there but it could be a call in the title report of the buyer to do it. Also or separately in nj you can make partial payments to stop any penalties or interest from accruing. Frankly there are alot of reasons why you would do this.

Thank you for the response!