“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. “---->In MS, for the estate of decedents dying after 2004, the state death tax credit is replaced with a deduction for state death taxes. Therefore, as of January 1, 2005, no estate tax return is required for decedents dying on or after January 1, 2005 for the State of MS. ; estate Tax is imposed on the value of a decedent’s estate when the total gross estate exceeds the available exemption amount. The exemption for all estates was $1,000,000. Thus the first million dollars of an estate would pass tax-free, with the estate tax applying to any amounts in excess.I guess you ned to contact MS dept of rev for more info in detail; http://www.dor.ms.gov/perl/ContactUs_new.pl
Probate is the court-supervised process of locating and determining the value of the assets owned in the individual name of a deceased person, referred to as a "decedent," paying the decedent's final bills and estate taxes and/or inheritance taxes (if any), and then distributing what's left of the decedent's assets to his or her heirs. in general you'll require Appointing a Personal Representative; Locating the decedent's assets; Determining date of death values; Identifying known creditors; Paying bills; Filing income tax returns; etermining estate tax liability; Paying any estate taxes and/or inheritance taxes; istributing the remaining balance to the beneficiaries. I guess youneed some professional help from an estate attorney.
“They receive benefits because of their ages--social security, reduced real estate taxes. “-------> 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?”-----> Elaborate laws exist to govern the distribution of a decedent's assets upon death. One of the advantages of an IRA is that an account owner can directly specify who should receive the assets upon death, rather than relying on state or federal distribution laws.I guess yu may get professional help from an expert/ retirement plan administrator or etc.