probate

[grandprix]

My Father has a terminal ilness and only has weeks to live. My Father's attorney and my brother are the co-executors of the estate. All my Father's assets have been converted to cash, stock, insurance policies etc.. All real property has been sold. We are four brothers who have no intention of contesting the will since everything is being divided
equally. The estate will be roughly 1 million dollars. There are no creditors to speak of. What is the quickest part or all of the assets of the estate may be distributed? My wife and I are moving soon and will be buying a house. A more substantial
down payment or even buying the house for cash may produce a better deal.
What we do depends on what may be the quickest that all or part of the estate can be distributed under Florida law.

 

[ALawyer]

GET TO A LAWYER NOW!!!! YOU CAN DO LAST MINUTE ESTATE PLANNING!!!!!

There will be Federal estate taxes, and they will take away 37% + of anything over $675,000 so by ALL MEANS have your father make gifts in 2000 for $10,000 to each of the 4 children and an additional $10,000 to each child's spouse and each child's children now -- if the gifting favors one over the other (such as if 1st child is single and 2d has a spouse, and the 3rd has a spouse and 3 children and the 4th has 6 children) you 4 brothers should agree to even it out. And have your father make similar gifts on 1/1/2001 if he is alive at that date, even if a person does it by power of attorney.

That will reduce takes AND get you some cash.

Also, if the estate is cash and the executor feels there are few bills or claims, he could advance $X to you if you need it, as a loan against the final distribution.