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Form 1041 for Montgomery Maryland: What You Should Know

What is a qualified distribution? In general, the qualified distribution means that an individual must have no more than 75,000 in income from sources other than: the individual's interest in a retirement plan on his or her decedent's date of death, or the individual's interest in his or her own annuity payable from the estate on his or her decedent's date of death, or a qualified retirement plan with a distribution that is more than the individual's standard retirement benefit, and an adjusted gross income (AGI) greater than 75,000. Do I need to give my executor my will right away? No, the executor and all people mentioned in the will, must be able to receive a copy of the will. An executor is allowed up to five business days from the time of the death of the decedent to give an executor's copy to a qualified beneficiary. The five- day time limit may be altered by the probate judge. What is a qualified survivor annuity? A qualified survivor annuity contract is a contract that is issued by a registered investment adviser and sponsored by one or more annuity company directors or agents who are registered investment advisers. A participant in a registered investment adviser's qualified survivor annuity contract may receive a one-time lump sum payment by which such participant will receive an annual benefit amount that is equal to 95 percent of his or her eligible compensation. All money received by a qualified survivor annuity beneficiary under the qualified survivor annuity contract will be treated as taxable to that survivor. May I receive more than the annual benefit that I am entitled to under the qualified survivor annuity contract? No, the annual benefit is one-third of the individual's eligible compensation. But a participant in a qualified survivor annuity contract may choose to receive more of an annual benefit than 95 percent. Such a participant may elect to receive up to one-fifth of the annual benefit (1/30 of such annuity payment) or the annual benefit amount and 25 percent of any lump sum payment that is made to the survivor under the qualified survivor annuity contract. What happens if a trustee and beneficiaries are not in agreement as to the terms of the qualified survivor annuity contract? If only a majority of the trustees is opposed by all surviving beneficiaries, the contract will be terminated and no payment will be made.

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