How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29640
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

Given a relatively simple estate of about $1.5 million and

Resolved Question:

Given: a relatively simple estate of about $1.5 million and a Will in good condition: What is the average number of hours to prepare the Federal 706 form, the initial estate accounting form, and the usual documents to file an estate for probate?
Submitted: 8 years ago.
Category: Tax
Expert:  Lev replied 8 years ago.

According to instructions for the form 706 - http://www.irs.gov/pub/irs-pdf/i706.pdf - see page 30 - here are estimated average times.

graphic

 

However - the form 706 would be needed only for estates above $3,500,000 (for decedents died in 2009).

 

You would also need to file final tax return for the decedent and estate income tax return - form 1041.

You may need to become familiar with the IRS publication 559 - http://www.irs.gov/pub/irs-pdf/p559.pdf

 

Generally - expenses to manage the estate is between 3-5% of the estate value.

Please let me know if you need any help.

 

Lev and 4 other Tax Specialists are ready to help you