Estate Law

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Customer Question
How much does it...

How much does it cost to ask a question?

Lawyer's Assistant: It can cost anywhere from $10 to $100, depending on the type of issue and how much of the Estate Lawyer's time your question is expected to take (how complex and lengthy an answer you require).

Is total value of an estate based on values at death or values when the estate is divided up?

Lawyer's Assistant: Estate laws vary by state. What state are you in?

New Mexico

Lawyer's Assistant: What documents or supporting evidence do you have?

I have appraisals of assets & a record of liabilities, but one of the people in the trust want to be "bought out".

Submitted: 4 months ago.Category: Estate Law
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Answered in 3 minutes by:
3/11/2018
Estate Lawyer: RayAnswers, Attorney replied 4 months ago
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 48,280
Experience: Texas lawyer for 30 years in Estate law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Customer reply replied 4 months ago
Hello?
Estate Lawyer: RayAnswers, Attorney replied 4 months ago

You would use the valuations at time of sale here .If the appraisals were done recently they would control.In a probate situation normally you use value at time of death but if a trust held the property for several years you would use the newer valuation.A trust here is different often property is held for a number of years before its sold so you have to use more correct value for fairness to all. It could be more or less.

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Estate Lawyer: RayAnswers, Attorney replied 4 months ago

It comes down to whether this has been say a year or less you use value at time of death, more than that you would need to update it here to current values whether more or less. I appreciate the chance to help you tonight and for your patience.If you can positive rate 5 stars it is much appreciated.Let me know if you have more.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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