Plante Moran Trust has the experience and resources to provide effective estate settlement services to offer your family and loved ones peace of mind. When settling estates, we work on behalf of the estate to minimize taxes, resolve administrative problems, and provide prompt, proper distributions of assets to your beneficiaries. The following is a representative, though by no means comprehensive, summary of our estate settlement responsibilities. Depending on the complexity of the estate, we will assume many or all of these responsibilities:

• Asset Collection and Management 
• Arrange for inventory of safe deposit box contents 
• Collect and take possession of all assets including stocks, bonds, and jewelry, and arrange for the transfer of all funds to the estate account 
• Arrange for the transfer and reregistration of securities 
• Invest all surplus cash in a secure investment vehicle 
• Collect dividends and interest earned by the estate’s financial assets 
• Manage stock and bond investments, and execute appropriate purchases and sales to maintain the estate’s value 
• Maintain detailed records of all transactions

Real Estate 

• Assemble necessary documents for each parcel of real estate, including deeds, abstracts, and insurance policies 
• Examine all real estate to determine condition, adequacy of insurance, and status and payment of taxes, bills, and assessments 
• If necessary, screen the property for environmental contamination 
• For income-producing property, collect rents, make repairs, pay real estate taxes, maintain insurance, arrange for utility services, and handle all tenant-related issues

Other Assets 

• Arrange for the appraisals of real estate, jewelry, stamp and coin collections, and any special assets to determine fair market value for tax and accounting purposes 
• Investigate status of any business interest, including closely held stock and partnerships 
• Supervise the operation of family-owned businesses until they are either sold or distributed 
• Obtain proceeds of any life insurance policies for the beneficiaries 
• Research potential benefits from the Veteran’s Administration and Social Security 
• Investigate and obtain pension and profit-sharing benefits 
• Prepare an inventory of all estate assets including bank accounts, safe deposit box contents, real estate, automobiles, furniture, etc.

Accounting and Administration 

• Determine cash requirements for debts, taxes, and expenses 
• Settle all debts, including mortgages, life insurance loans, bank loans, and auto loans 
• Pay all valid claims against the estate 
• File claims for final medical bills with Medicare and other medical insurance carrier 
• Pay administration expenses for the estate 
• Maintain complete records of all transactions in the account and provide statements of all receipts and disbursements 
• Prepare detailed accounting reports 
• Prepare a Plan of Division and Cash Accounting to divide the estate

Legal Obligations 

• Locate the will and file it with the Probate Court 
• Petition the Court for official appointment as executor 
• Publish a legal Claims Notice in the newspaper 
• Obtain permission from the Court to provide for allowance for support of the family, if necessary 
• Legally oppose all incorrect or invalid claims against the estate 
• Prepare a Report of Final Distributions for the Court 
• When role is complete, petition the Court for discharge as executor

Tax-Related Responsibilities 

• Analyze tax-planning strategies and options 
• Select a valuation date that provides the greatest potential for tax minimization 
• Determine charitable, marital, and other deductions/elections 
• Prepare federal and state estate tax returns for the estate, (706) 
• Prepare federal and state income tax returns for the estate and related trusts, (1041) 
• Prepare gift tax or generation-skipping tax returns, if necessary (709) 
• Prepare final federal and state income tax returns for the deceased, (1040) 
• If the estate is audited by a government agency and a tax deficiency is levied, determine whether to negotiate, appeal, or accept the ruling 
• Obtain an estate tax closing letter from the Internal Revenue Service

Duties to Beneficiaries 

• Ensure that desired funeral arrangements are carried out 
• Notify all heirs, legatees, devisees, and next of kin of their interest in the estate 
• Communicate regularly with beneficiaries 
• Provide detailed account statements 
• Arrange for distribution of assets to beneficiaries, including marital and family trusts, after settlement of the estate