We are dividing Dad’s estate and wish to understand how to value a mutual fund.

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We are dividing Dad’s estate and wish to understand how to value a mutual fund.

The mutual fund was left to my wife’s sister, but she agrees it should be divided by the three siblings. His death was two years ago, and the fund was valued at $59,000 at the time. We are now settling some real estate and want to include the fund’s value. The sister elected to keep the fund rather than sell it, but now she says we should deduct the value of the taxes she would have paid at the time, if she had sold it. Is this in line with common practice?

Asked on June 18, 2009 under Estate Planning, Maryland

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

This is absolutely not a question in which you will receive a definitive answer herein.  We would be committing malpractice if were were to do so.  An estate planning attorney needs to sit down and review it, the estate docs, etc.

So, try www.attorneypages.com and check his or her record at the Maryland State Bar. See, if the mutual fund was left to your wife's sister, it is the sister's gift (she is the sole beneficiary to that mutual fund).  Why does she agree it should be divided? See, you really need an estate planning attorney to give you the heads up on this. If the sister chooses to gift it, depending on the amount, no gift taxes would need to be paid. 


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