If THERES A CLAUSE IN A wILL THAT STATES THIS..If my estate includes the value of property to which section 2044 of the....

...Internal Revenue Code (relating to property to which I had a qualifying income interest for life) applies, the executor shall not recover the amount that my estate is entitled to recover under section 2207A of the Internal Revenue Code from the person or persons recieving that property. .......What in the world does that mean?!? Please help Thank you-

San Francisco, CA -

Attorney Answers (2)

Charles Richard Perry

Charles Richard Perry

Estate Planning Attorney - Hollister, CA
Answered

IRC 2207A has to do with federal estate taxes, and what assets can be used to pay those taxes. If there is no estate tax liability, then you can ignore this provision of the will.

The other language in the will does not necessarily mean that there is an IRA or retirement account at the time the testator passed away. The language could simply be "boilerplate" that was included, or the account could have been cashed out before the person making the will passed away. There are other possibilities.

The executor of the estate should be reviewing the decedent's papers to see what kinds of statements the decedent was receiving, and otherwise trying to track down assets. The lack of statements would tend to indicate that no retirement account exists, though even that is not 100% certain.

I would consult with a good probate attorney to help you understand the will. If you are also the executor, this attorney can help you with what you need to do to handle the estate.

David L. Carrier

David L. Carrier

Probate Attorney - Grand Rapids, MI
Answered

Does this mean she has a retirement plan or some type of an IRA account?
It means that she might and that the drafter did not want to use nontaxable $$ to pay tax-deductible expenses, because if you did, you'd waste the tax deduction.

This is not legal advice. I am not your lawyer. You are not my client. You cannot rely on my response to your... more

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