Simplified Procedure in Massachussets?

[HowardC]

The estate in question is valued at only about $50-$60K. There was no will, although I found the forms, and she had expressed her desires quite clearly (although not formally). Surviving relatives are her mother and brother (me). Is there a "simplified" procedure in Mass. for this size estate? I am out of state, can a joint administrator be appointed (on local non-relative, and myself, the brother)?

 

[advisor10]

10-24-2001

DEAR HOWARDC:

Unfortunately for you, the limit for simplified probate procedures in Massachusetts is for estates less than $15,000.00.

You may want to consult with Attorney John L. Roberts, phone (413) 782-4800 for any other probate questions, or consult the attorney directory on this website for a referral.

SINCERELY,

knort@my-deja.com

 

[HowardC]

Tax Consequences of Inheritance

Perhaps this belongs in a different forum, but....after probate, suppose I inherit an item whose fair market value is $30,000. First, I assume I pay no income tax on that, right? Next, if I sell that item for $30,000, what is my cost basis? Is it $30,000 so that there is no tax? If I donate it, how does that work? Can I deduct as a contribution the fair market value, ie., $30K? What if I sell if for less than fair market value, is that a capital loss? Thanks.

 

[advisor10]

10-24-2001

Yes, your question does belong in the TAX LAW forum. Please clarify by explaining what the "item" is that you have that is worth $30,000.

knort@my-deja.com

 

[HowardC]

The item is a wheelchair. On further research, it's probably worth more like $10-$15K. Does it affect anything that originally, my sister may have obtained it via a community donation program? I would probably sell it, or, more likely, donate it to a hospital of MS Society.

 

[advisor10]

10-25-2001

What is the brand name/manufacturer and model no. of this wheelchair? If possible you should contact the manufacturer (or any medical supply store that sells wheelchairs) to find out what its estimated value is or estimate what it was at the time your relative received it, since that is probably what the basis is going to be. If she received it for free, don't mention that, but still try to get some type of estimated value for it for establishing basis for tax purposes.