Legal Question in Wills and Trusts in Michigan

Estate Tax Question

I was named Personal Representative for my mothers estate. I placed her home up for sale & currently have an offer pending. Once I receive a check for the balance of the mortgage, I will open an estate account & distribute monies to all viable claims and beneficiaries. Is there anything I need to report to the IRS once I receive the check, or is that something that will be done automatically next tax year? I'm a little confused on that. Any advice would be helpful.


Asked on 3/15/05, 10:26 am

2 Answers from Attorneys
Blake Lipman Law Office of Blake P. Lipman

Re: Estate Tax Question

It depends on the value of the estate. If the estate is not over one and a half million dollars. There may be federal estate tax due. If the decedent earned income for the year prior to death, a return should be filed for the decedent. For more info, please contact my office at (248)851-3171.

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Answered on 3/15/05, 10:40 am
William Stern William Stern, P.C.

Re: Estate Tax Question

You have it a bit backward. First open the estate, then see if you need permission to sell the house, then have the sale approved by the probate court, then distribute the proceeds and get proper receipts and waivers of notice to approve the sale. Every county is a bit different on this but since the house is part of the probate estate, you have to do it their way, As far as taxes, talk to an accountant. William S. Stern

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Answered on 3/15/05, 4:52 pm


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