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Mom’s been gone for more than 2 years now. We recently discovered another account of her my sister and I didn’t know about. Once divided it’ll be around $28,000 before taxes. $5,000 will pay out a financed specialty bed for my wife’s spinal problems. Our home was built in 1973. Bathtub has the original fixtures and the stopper doesn’t work well. Can’t find a matching replacement. Can’t change the fixtures on the tub without shutting off the water to the whole house. Considering calling a licensed plumber company to look into 1. Shutting off the water to the house, 2. Replace patio hose faucet that leaks, install cut off valves to bathtub fixtures, 3. Find out why the hot water to bath is restricted, 4. Replace bath fixtures including drain, & 5. Remove and cap off gas starter pipe in old wood burning fireplace that no longer safe to use because of chimney condition. Another project would first require capping off the chimney. Next step would be to have an electrician install a new breaker in the panel and run a line to inside or near the fireplace. Last step would be to find an electric fire place insert that would fit our fireplace. We could use the flames year round and because of being in south Louisiana we would only occasionally use the electric heat from the fireplace.
Does this sound possible for $20,000? Do you think there may be enough left over to replace master bedroom dresser and nightstands?
I would start by getting quotes. Cost is going to depend on demand, who you go with, and vary geographically. Try making a post on your local Nextdoor page and see who others recommend. You definitely want someone with solid recommendations, insurance, bonding, etc. Keep on top of your contractors. Pay in increments as different stages of the entire job are completed. As a Realtor, I have access to a preferred contractors list. That may be an option if you're still in touch with yours.
I would start by getting quotes. Cost is going to depend on demand, who you go with, and vary geographically. Try making a post on your local Nextdoor page and see who others recommend. You definitely want someone with solid recommendations, insurance, bonding, etc. Keep on top of your contractors. Pay in increments as different stages of the entire job are completed. As a Realtor, I have access to a preferred contractors list. That may be an option if you're still in touch with yours.
Well the plumbing company I would use is one we’ve used at work and at home before.
Well the plumbing company I would use is one we’ve used at work and at home before.
Excellent! In that case it wouldn't hurt to ask them for referrals for the remainder of the work. If they have a solid rating and reputation then they'll be more inclined to recommend someone that will make them look good (reliable and trustworthy).
Mom’s been gone for more than 2 years now. We recently discovered another account of her my sister and I didn’t know about. Once divided it’ll be around $28,000 before taxes.
Did your mom's estate go through probate or is it still ongoing? The estate's value as well as the total amount her heirs would receive should have been established as part of that process. Her state of residence may not impose any estate taxes but the executor would need to check that. As for federal, the estate would need to be valued at more than about $12 million to trigger tax liability. You will need to research your state inheritance law to determine whether you'll be subject to any tax. Another thing to check. If two years has passed since her DOD and that newly discovered account increased in value during that time, the gain could be subject to capital gains tax. Maybe that's what you were referring to.
Did your mom's estate go through probate or is it still ongoing? The estate's value as well as the total amount her heirs would receive should have been established as part of that process. Her state of residence may not impose any estate taxes but the executor would need to check that. As for federal, the estate would need to be valued at more than about $12 million to trigger tax liability. You will need to research your state inheritance law to determine whether you'll be subject to any tax. Another thing to check. If two years has passed since her DOD and that newly discovered account increased in value during that time, the gain could be subject to capital gains tax. Maybe that's what you were referring to.
All that was already done because of the home use and main IRA. Mom wanted me to have her house. Took out a mortgage to pay my sister for her share of the house. Its a 1700 square feet 2 bedroom one bath home built in 1973. Wife and I are in our 50s. Still have the original prints showing much of the home is still original. Solid pocket door for bathroom, solid pocket door with wood slat vents for the hallway, and custom cabinetry that matches in laundry room, kitchen, and bathroom.
You should absolutely know where your water main cutoff is. If you do not, you need to find out ASAP. It will be somewhere between the meter and your house, and every few months you should hit it with a touch of WD40 and make sure it’s turning freely. If you ever have a major leak inside, you need to be able to stop further damage.
Well the plumbing company I would use is one we’ve used at work and at home before.
That's a great idea. I still use the same plumbers i used at my old house, so almost 20 years experience with them now. They're not cheap, but they're dependable. I've even called them at 1 AM for an emergency and they're showed up.
BTW, if you're looking to replace the MBR dresser and nightstands with design appropriate pieces, Facebook Marketplace is a good place to look. Mid-century furniture is popular now and you can sometimes find a nice set there. I also find good pieces at auction really inexpensively for name brands (my go-to source).
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