anyone know how long it take the irs to close an estate

[gator75]

does anyone know typicly how long it takes to get a closing letter from the irs on an estate so that the rest of the estate may be distributed it was quit large and i know that can take longer, anyone ever deal with this?

 

[SpecialK]

Dealt with it twice. One was about six months, the other was closer to ten.

 

[mrsv98]

Every state is different. In general if the will goes to probate, it triggers a 6 month period in which creditors can make claims. Once that is done, funds are distributed. However, every state has its own statute so you need to talk to a probate attorney.

 

[barkley]

Every state is different. In general if the will goes to probate, it triggers a 6 month period in which creditors can make claims. Once that is done, funds are distributed. However, every state has its own statute so you need to talk to a probate attorney.

and if the estate is not subject to probate it can take even longer.

we are dealing with one now that won't be subject to probate, but that state's law says a non probated estate allows for creditors to submit claims up to one year from the date of death, so in our case we have to plan on retaining funds 'just in case'.

often in the case of larger estates there will be an inital disbursement of a portion of the funds to beneficiaries, with the final disbursement when the entire estate is settled.

 

[gator75]

she dies in may of o8 there is no probate involved but there is trusts that have been set up the final taxes were due in aug of 09 the trusts have been partially funded and some distrution has taken place just wondering when all will be said and done

 

[LindaG4458]

DH is executor of his aunt's estate. She passed away in February 2010. Her brokerage account contains 100 shares that have no value but the company refuses to disolve. The shares cannot be sold because there is no value. The estate attorney says this will hold the estate open indefinitely.

This attorney is handling an estate that has had a similar situation for eight years. The statement still arrives showing zero balance.

She did say that, when everything else is handled, there can be a partial distribution to the beneficiaries.