Marshalling is the collecting of assets – selling real estate or personal property, transferring bank accounts in the estate account, liquidating stocks and other securities, and generally transferring all monies into the estate account. The estate account should be opened as soon as the estate representative is appointed. An Employee Identification Number (EIN) is required to be obtained from the IRS. (Keep in mind this number has nothing to do with employees.) Estate debts should also be ascertained in this second stage. The length of this stage varies widely and depends largely on what needs to be done in order to liquidate the assets. For instance, real estate usually takes longer to sell than a stock account, and most bank accounts are easily transferred into the estate account. Generally though, this middle stage is completed within 6 months from the date the fiduciary is appointed.
Search by Category
Natural Language Search
-
Recent Articles & Treatises
- Table of Contents for May 18 Lecture Materials April 28, 2023
- Register for Thursday, May 18 Tax Seminar in Old Westbury [click card to register] April 12, 2023
- Subscribe to Tax News & Comment April 6, 2023
- Tax News & Comment — April 2023 March 31, 2023
- Tax News & Comment — June 2019 March 4, 2023
- Tax News & Comment – April 2017 March 13, 2017
- Tax News & Comment — May 2016 May 14, 2016
- FROM WASHINGTON & ALBANY — Current Election Probabilities; Tax Plans of Trump and Clinton May 13, 2016
- FROM FEDERAL AND NYS COURTS: Recent Developments & 2015 Decisions of Note May 13, 2016
- IRS & NYS DTF MATTERS: Recent Developments & 2015 Regs. & Rulings of Note May 13, 2016
- Creating and Maintaining Flexibility in Wills and Trusts May 13, 2016
Most Popular
- Executor and Trustee Commissions Under NY EPTL
- Letters Testamentary
- Legal Basis for Seeking Abatement of New York State Tax Penalties
- Depreciation Recapture
- Register Now for May 18 Breakfast Seminar in Old Westbury. 2.5 CPE Credits for CPAs in Tax. Still time to register! See Table of Contents below. Click card to register online.
- Distributable Net Income and Income in Respect of a Decedent
- General Power of Appointment Can Neutralize Estate Tax
- New York's Revised Decanting Statute Under EPTL §10-6.6
- Executor and Trustee Commissions Under the New York EPTL
- Gain, Loss, Basis & Debt Issues in Like-Kind Exchanges