ADDITIONAL INFORMATION:
I am the court appointed personal representative of the estate of my mother. This concerns a bond entitled, “Port Authority of the City of Saint Paul Industrial Development Revenue Bond Series 1988-F”
This bond, which matured in 1988, has a face value of $5,000, but is no longer redeemable. The projects the bond supported never generated enough income to redeem the bonds, due to the real estate ”bust” of the 1980’s. After five years of litigation, the city of St. Paul established the “876 Fund” and will continue to make tax-exempt interest payments on the bond until 2032, according to an article in the Minneapolis Star Tribune by Rochelle Olson, September 20, 2011. (On this particular bond, these payments have been anywhere from $100 to $300 per year for the last 5 years).
So, do I leave the Estate open for the next 14 years? Can I transfer the bond from the estate to myself, with the notorized permission of the two other beneficiaries of the estate, (My sisters, and we get along really, really good). Could I make this bond the payment for my work as a beneficary? Or is there some other, better option?
ATTORNEY ANSWER BY MARGARET L. CROSS-BELIVEAU:
The bond is an asset of the estate. Assets should be transfer to the beneficiaries in accordance to the terms of the Will. No one can answer what better options you have without reviewing the probate asset list. Any fiduciary fee you take is considered income and must be reported on your 1040.
Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
Beliveau Law Group: Massachusetts | Florida | New Hampshire
The estate administration attorneys at the Beliveau Law Group provide legal services for probate, estate administration, and trust administration. The law firm has offices and attorneys in Naples, Florida; Waltham, Massachusetts; and Salem, New Hampshire.
