so if it's in the bucket and sealed you just leave it there? you do not rack it off the lees/oak chips/raisins and skins?
Correct. If you follow the directions from Finer Wine Kits, seal when the SG is between 1.020 and 1.010, then open and rack at Day 14. This allows fermentation to fully complete.
EDIT: Once again, my phone didn't show posts after the one I answered, so I duplicated
@Brant's answer.
Regarding EM, I'm not sold on doing longer than the 14 period specified by FWK. Most of the flavor, color, and aroma is extracted during the first 2 to 5 days of extraction -- this levels out fairly quickly. This info is from numerous sources.
Tannin continues to extract during the full length of the EM. According to what I read, EM of up to 90 days is used in Burgundy to make very long aging wines.
Which begs the question -- how long do you want the wine to age before the tannins settle?
Most of my heavier reds need 2 years of aging before really being drinkable, and those wines are typically very good for another 5 years. That works for me.