What is the name of your state? NJ
I'm handling a small estate in which the beneficiaries are distant relatives & therefore being hit with a high inheritance tax fee (I think 15%). The estate is small, there are lot's of bills & the accountant's fee is not cheap. There is a house to sell & my thought is to wait till that's done to file for the tax waiver instead of guessing the value of the estate which would then require us to have the accountant file an amendment later on. I realize we would be required to place a percentage of the house proceeds in an escrow account in order to file for the waiver after the sale of the house. I'm wondering if this is the usual way estates file; if it is the most cost efficient way to go about it or if I should file for the waiver using an estimate & then file an amendment. Lastly, and I'm not sure if this question belongs under the estates or real estate section, but I'm wondering if the estate collects interest on the escrow account (I hear it may be there for a good 6 months). Thanks for any comments.
I'm handling a small estate in which the beneficiaries are distant relatives & therefore being hit with a high inheritance tax fee (I think 15%). The estate is small, there are lot's of bills & the accountant's fee is not cheap. There is a house to sell & my thought is to wait till that's done to file for the tax waiver instead of guessing the value of the estate which would then require us to have the accountant file an amendment later on. I realize we would be required to place a percentage of the house proceeds in an escrow account in order to file for the waiver after the sale of the house. I'm wondering if this is the usual way estates file; if it is the most cost efficient way to go about it or if I should file for the waiver using an estimate & then file an amendment. Lastly, and I'm not sure if this question belongs under the estates or real estate section, but I'm wondering if the estate collects interest on the escrow account (I hear it may be there for a good 6 months). Thanks for any comments.