Legal Question in Wills and Trusts in Texas
valuing an estate Texas
My father passed recently, all was left to my mother. No one is contesting. The attorney needs a list of all property. He says that as long as it is not worth over $2 mil my mother does not owe estate taxes. It is not over that amount. Dad owned many cars/property. He was an auto seller. Some cars are junk, some are collectors items. If we give an item a value do we need to make sure we sell it for that or less? What if we get more than we list it for? What if the value is low now, but will be sold for more when we make improvements? Do we need to include cars she just gives away? What if she doesn't plan to sell something, but decides to later & it has appreciated? Thank you!
2 Answers from Attorneys
Re: valuing an estate Texas
You have an attorney helping you with this matter. He or she is the one who should be answering your questions.
Re: valuing an estate Texas
It is not an exact science. Just do the best you can and be honest.