Even though Mom passed over 10 yrs ago and Dad over 2 yrs ago, the lawyers letter, from last month, says that the IRS has three years to review the income tax returns, for the estate. Therefore, the executor of the estate wants to retain the "reserve", for 3 more years.
They didn't have a business and everything has been split, except the "reserve". Mom and Dad would have wanted this to be over with.
Will somebody please tell me what I need to do, to petition the court? What paperwork do I need to file? Yes, I've seen a lawyer and paid for advice, from a different lawyer, but that hasn't gotten me anywhere!!
Can somebody please help me?
Answer
It is the Administrator's discretion to hold money in reserve "just in case". If you want to go to court, you will need to file a petition to close the estate. However, the Judge may believe that it is in the estates best interest to hold back some money if the IRS audit the tax returns.
How much money is being held back? Is it worth the $435 filing fee and expense to write and argue a petition that you might not win?
Answer
I agree with everything Scott Jordan says plus must emphasize what Mr. Jordan said: " Is it worth the $435 filing fee and expense to write and argue a petition that you might not win?"
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