Recent content by Frank Chapman

Thank you for refreshing my memory of the difference between the 1041 and 706 ! As I recall the need to file a 706 is based on the value of the estate. I don't think this estate has sufficient value to trigger the need to file a 706. And there probably is not a lot of income requiring the...

Thank you for your condolences and well wishes. A Trust to cover the estate has not been discussed because it will be dissolved. However, I realize that each sibling needs to have a Will and a Trust to cover their assets. It is unfortunate that the parents did not have a simple Trust. That...

All great information and explanations! The 1041 was not filed. And now that deadline is passed as is the time for extension. So, it would seem that if all goes well, we'd file the first and final 1041 at close of probate. We won't know what the total value of the estate after costs will be...

Thank you!! Makes sense. I figured the 709 would be in the picture, but I didn't know that a relinquishment would be considered a gift to 'E'. It would seem that each heir’s gift would become effective at the time when the Executor acknowledges receipt of each heir’s Disclaimer. (?)...

OK. Thanks again for confirming my fear. Per the Mississippi Disclaimer act effective July 2020: "One of the major changes of the Mississippi Disclaimer Act is abandonment of the nine‐ month deadline for disclaimers. A disclaimer still may have to be made within nine months of the decedent’s...

Thank you for the advice! All I knew to do was guess.

Thanks AJ for confirming my understanding. The advantage of Quit Claim Deeds is the property is given directly to the target heir -- increasing her portion to 80% if one heir does not comply. Whereas Disclaimers puts the property back into the estate resulting in 50% for each of the two...

The blank Qualified Disclaimer form template has this heading: "In the__ Court of __ County" Since the District is 16 and the County is Jackson, is the following proper? "In the District 16 Chancery Court of Jackson County" Thank you.

Thank you! I've started the process to distribute Qualified Disclaimer forms to four of the five heirs with instructions to return the completed forms to the executor of the Will. Once she receives and approves the four forms, the fifth heir instantly becomes the sole heir of the estate. No...

Between the help of you two people, things are becoming more clear. It sounds as though the probate process could come first followed by the Qualified Disclaimers. I still need to learn how the Qualified Disclaimers are recorded or filed or perhaps just retained by the Executor of the Will...

What great answers and advice. I've read your advice three times and will read it again. Since the Will was hastily written (and no Trust was prepared), there was no consideration given to what would happen in the event an heir pre-deceased the remaining parent. But can I assume a Qualified...

By their Wills, parents left a home to their five heirs. There was no Trust involved. It seems the house will have to be Probated. Four of the heirs are willing to yield their fifth to a single heir who lives in the house now. Would each of the four heirs file a quit claim deed to the fifth...