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-----Original Message-----
From: Connie L. Babbitt [mailto:cestopinal@mohleadams.com]
Sent: Thursday, January 10, 2002 3:51 PM
To: Storey, Geoff
Subject: RE: Disclaiming Insurance


 

-----Original Message-----
From: Storey, Geoff [mailto:Geoff.Storey@ENRON.com]
Sent: Thursday, January 10, 2002 3:33 PM
To: Connie L. Babbitt
Subject: Disclaiming Insurance



Connie,

I think we finally decided how much money we want to disclaim for purposes of funding the trust. 

We will not be diclaiming the house but will try to disclaim two life insurance checks, an ADD through Jimmy's employer, Marsh & McLennan, and held with CNA and the credit card Travel Accidental Death Insurace held through American Express. I will be talking to the Larry Harman about the process of doing this. It will add about 450k to the estate and take the probate assets up to about 1.4M or 700k for the trust.
[Connie L. Babbitt]  That sounds good.  There are always complications when a personal residence is put in a disclaimer trust, so I believe you are making the correct decision there.  

Is there any deadline or timelines on when the trust must be setup? 
[Connie L. Babbitt]  No, but the disclaimer must be filed with the probate court by June 11, 2002. 

Is there a form to send to the IRS to request a tax ID for the trust?
[Connie L. Babbitt]  Yes, an SS-4 Form.  We can prepare one for your mother's signature. 

My mom wants to know if we need to meet with you or when?
[Connie L. Babbitt]  I would like to meet with her.  I think she will be more comfortable if she's had a chance to meet me personally, although it's certainly not required.  I visit many of my clients at their home, so I could meet at her house if that would be more convenient for her.  She may prefer a meeting fairly soon to answer any general questions she may have about the estate, trust funding, and distributions of assets.  If our firm will be preparing the 2001 income tax return, I would also need to meet with her to obtain all the 1099s, W-2s, etc for the 2001 return.  A meeting around the end of January, beginning of February would probably be good timing for that.

When will we find out what those new regulations will really mean for our estate income taxes?
[Connie L. Babbitt]  Once I see the 2001 1099s, W-2s, etc and get a better grip on all the income sources, we ought to be able to zero in better on the issues.  At first blush, I would anticipate very little tax liability for 2001.  I'm hoping the IRS will be issuing further guidance to address more details, e.g. spousal income, etc, over the next few weeks.  I'm sorry I can't give you a more definitive answer on this one.

Thanks,

 

Geof

 



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