AboutRichard Fritzler Expertise Comparing the advantages and requirements of traditional estate practices, and unconventional methods? Are Trusts a viable asset protection vehicle? Is there an alternative to buying life insurance to reduce the impact of the estate tax. Is the elimination of the estate tax during the next decade good for everyone? I can review the benefits and misinformation that exists.
Experience I have been in the business of assisting business owners in reducing their taxes and liability for over 17 years. We specialize in developing plans that eliminate the estate tax, not find a way to prepay it. Most small businesses do not survive the death of the principal. We want small businesses to not only survive, but flourish.
Organizations National Small Business Owners Association.
Nevada Association of Listed Resident Agents.
Citizens Legal Association
Publications Contributing author to "The Corporate Standard Newsletter".
Expert: Richard Fritzler Date: 6/12/2008 Subject: Selling property during probate in KY
Question "My mother passed away leaving only a house and many medical bills. My sister and I are named as the only heirs in her will (Father passed away many years ago). The will was probated by a family friend who later resigned. At the hearing to remove himself as executor, my sister and I were named co-administrators of the will. We must sell the house to pay the medical bills and funeral expenses. 1)Can we do that as 'administrators'? 2)The house is not valuable and the debts will take almost all of it. There are no other assets. Do we need to setup a separate bank account to receive funds from the sell and issue payments or can we use our existing joint account? Note: My sister and I are very close - there is no disagreements on any of this. We really just want it all over with as little fuss and expense as possible."
Answer You single largest potential to reduce the cost is negotiate the medical bills. Call the doctors and hospitals, let them know that you are going to pay as much of the bills as possible, but that the ones that discount the most will have priority. you might be amazed that how low they can go. 30%, 50%, 70%, 90%. This is their final chance they'll have to collect anything.
Once you know what the real cost of the bills are then you will be better prepared to determine whether or not you must/could sell the property, and how much time you have to negotiate the best sales price.
Other than that, you have the authority to list the house for sale, to negotiate a deal, and to finalize the sale.
