Mississippi estate tax/law/ probate question?
My aunt died 1//1/06. She was single and my grandparents (ages 87 and 90) are the beneficiares or co account owners. There may be others payable to the estate that we do not know about. There was no will. They receive benefits because of their ages--social security, reduced real estate taxes. How should we go about making transfers to them--life insurance; IRA, 403(b) etc and given their ages are there special considerations that we should be looking at?
Public Comments
- Go make the transfers to them this year. Understand that income taxes will be due on the IRA and 403(b) accounts. Life insurance is not income taxable. Given their ages - do estate planning if their gross estate is over 2 million since estate tax will be due at death of survivor. If so they should at least be making gifts of 12,000 annually to each family member free of gift tax filing.
