For estates of decedents dying during calendar year 2023-2025

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin with Step 1, where you will enter the decedent's information. Fill in the first name, middle initial, last name, social security number, and date of death. Provide the domicile address including street, city/town, state, and ZIP code.
  3. Next, input the personal representative's details. Include their first name, middle initial, last name, social security number, telephone number, fax number, mailing address, and optional email address.
  4. Proceed to Step 2 for authorized representative information. Enter the firm name and estate representative’s contact details similar to Step 1.
  5. In Step 3, indicate the decedent’s residency status by checking either 'Resident' or 'Nonresident'.
  6. Continue to Step 4 for tax computation. Carefully fill in each line regarding federal taxable estate and Maine qualified terminable interest property as instructed.
  7. Finally, complete Step 5 by listing all required documents for filing order and signing where indicated.

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Filing threshold for year of death Year of DeathIf Amount Described Above Exceeds: 2020 $11,580,000 2021 $11,700,000 2022 $12,060,000 2023 $12,920,00011 more rows Oct 29, 2024
Basic exclusion amount for year of death Year of deathBasic exclusion amount 2022 $12,060,000 2023 $12,920,000 2024 $13,610,000 2025 $13,990,00011 more rows
In the case of property distributed, sold, exchanged, or otherwise disposed of, within 6 months after the decedents death such property shall be valued as of the date of distribution, sale, exchange, or other disposition.
If basis step-up does not occur, however, federal tax code section 121(b)(4) provides that a surviving spouse will get the $500,000 gain exclusion if the residence is sold not later than two years after the date of death of the spouse and if all other conditions are met (i.e., each spouse occupied the property for two
While state laws differ for inheritance taxes, an inheritance must exceed a certain threshold to be considered taxable. For federal estate taxes as of 2024, if the total estate is under $13.61 million for an individual or $27.22 million for a married couple, theres no need to worry about estate taxes.

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A fiscal year begins on the day of the decedents death and ends on the last day of the month prior to the first anniversary of that individuals death. For instance, if the decedent died in May 2023, their estates fiscal year would begin on the date of their death (May 2023) and end on April 30th, 2024.
Understanding the Deceased Estate 3-Year Rule The core premise of the 3-year rule is that if the deceaseds estate is not claimed or administered within three years of their death, the state or governing body may step in and take control of the distribution and management of the assets.

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