E226 3 Strategies for Illiquid Estates

<p class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="3q4gq-0-0"><span data-offset-key= "bul31-0-0">Sometimes the estate doesn’t have cash on hand and only has illiquid assets like the home, a business, or artwork.</span> <span class="hardreadability"><span data-offset-key="bul31-1-0">But settling the <a href= "https://anthonyspark.com/how-much-does-new-york-probate-cost/">estate has many ongoing bills and expenses</a>, from court fees to movers to accountants</span></span><span data-offset-key="bul31-2-0">. We’ll discuss 3 ways to deal with cash-poor, illiquid estates.</span></p> <h2 class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="ab37i-0-0"><span data-offset-key="ab37i-0-0">Can the heirs pay?</span></h2> <p data-offset-key="cuoss-0-0"><img class= "aligncenter size-medium wp-image-10513" src= "https://anthonyspark.com/wp-content/uploads/2021/07/Can-the-heirs-pay-300x169.jpg" alt="Can the heirs pay?" width="300" height="169" /></p> <p class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="cuoss-0-0"><span data-offset-key="97pdh-0-0">Sure - If the heirs have the funds, they can “lend” money to the estate to keep things moving.</span> <span class= "hardreadability"><span data-offset-key="97pdh-1-0">For example, the estate will be worth $200,000 once we liquidate everything, but we have no cash until we sell everything, such as a house</span></span><span data-offset-key="97pdh-2-0">. We usually need a couple thousand dollars to hire an appraiser and clean it out</span> <span class="complexword"><span data-offset-key= "97pdh-3-0">prior to</span></span> <span data-offset-key= "97pdh-4-0">the sale. It’s not a good situation.</span></p> <p class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="69tel-0-0"><span data-offset-key="69tel-0-0">First of all, not all heirs have the funds or ability to pay. Oftentimes, we’re not looking at hundreds of dollars, but thousands. Even if there is an h