Value of Property on Inventory vs Value on Final Account

[Jib]

My question involves estate proceedings in the state of: Illinois. My mother died 8.2007, leaving, among other items, 5 Krugerrands as part of the probate estate. The inventory gave them the value of an ounce of gold a month after her death, or $720 each. I originally agreed to let the Executor be an Independent Administrator, but because he was incommunicative for 5 years, I hired an attorney filed to have him removed. He has now filed the Final Account that lists the current value of the Krugerrands as $1604 each, which is their correct appreciated value after 5 years. It appears he is charging 6% of the total estate as his fee, and listing the Krugerrands at current value significantly increases his fee. The Illinois statue is unclear as to the value of property at the time of distribution, only stating that the value on the inventory must be the value at the time of death. The 26 USC 1013 and 1014, the IRS code for the basis of property acquired from a decendent states: 'the basis of property in the hands of a person acquiring the property from a decedent...(is) 1) the fair market value of the property at the date of the decedent's death.' I am out of state. The attorney I hired says it is 'standard practice to list the items to be disbursed as current value, not the value on the inventory. I see this as unfair and only a means for the lazy Executor to make more money. Could someone help me respond ot both the attorney I hired and the Probate Court?

[jk]

are you willing to accept $720 for each of them? If so, I'll have a check in the mail tonight.


the IRS code is accurate for what it is. The fact is, you are not realizing (gaining) the value 5 years ago but now.

of course, by that exec being lazy, you also get more money as well, nearly $4k more. If you don't want it, then let the exec know.

[Jib]

no, the coins are being divided between my sister and me, but the attorney fees are being deducted from the total estate. It is that that I am objecting to--the reduction in the total estate, of which I get half.

[jk]

no, the coins are being divided between my sister and me, but the attorney fees are being deducted from the total estate. It is that that I am objecting to--the reduction in the total estate, of which I get half.

how does this change anything I said?

You are receiving something that has a value of $1400+ dollars. If you want to argue it is only worth $720, then let me know.

but are you really arguing about this costing you ~$100? It costs more to ask your attorney 1 question than that.

I also cannot seem to find the statute you are claiming requires the fee paid the executor is determined by the value of the estate at the time of death. Care to share? The only thing I can find is the law states they are to be reasonable.

with that in mind, are you arguing about the Krugerrands or the 6%?