I am trying to finalize an estate prior to June 30, after three years. The estate can claim the tax free threshold up to three years.
I am a co-administrator with my brother, and we are the sole beneficiaries of the estate.
The estate's tax exemption has run out, so after this year the estate will need to pay the standard tax rates. The estate has a share portfolio currently trading at a loss. That loss cannot be transferred, but the estate can carry it over either until the shares at least break par, or are sold at a loss.
My co-administrator wants to sell the shares at a loss, but is unwilling to reimburse the estate for the loss (due to his interference and delays in not getting probate done in a period when the shares were profitable), and will not accept a reasonable amount to resign as administrator and allow me to administer the estate on my own.
I assume I will have to apply to High Court to have him removed as administrator, but I can claim legal costs and financial opportunity costs to estate?
I am a co-administrator with my brother, and we are the sole beneficiaries of the estate.
The estate's tax exemption has run out, so after this year the estate will need to pay the standard tax rates. The estate has a share portfolio currently trading at a loss. That loss cannot be transferred, but the estate can carry it over either until the shares at least break par, or are sold at a loss.
My co-administrator wants to sell the shares at a loss, but is unwilling to reimburse the estate for the loss (due to his interference and delays in not getting probate done in a period when the shares were profitable), and will not accept a reasonable amount to resign as administrator and allow me to administer the estate on my own.
I assume I will have to apply to High Court to have him removed as administrator, but I can claim legal costs and financial opportunity costs to estate?
