The Alabama Est 1 form is an application for an estate tax waiver, essential for settling the estate of a deceased individual. This form must be completed in triplicate and submitted to the Alabama Department of Revenue. It gathers vital information about the decedent, their estate, and the assets that are to be transferred.
The Alabama EST-1 form serves as a crucial document for individuals and entities navigating the estate tax process in Alabama. This form is specifically designed to facilitate the application for an estate tax waiver, which is essential for transferring assets following a decedent's passing. Key details required on the form include the decedent's name, date of death, and legal residence at the time of death. Additionally, applicants must provide the decedent's Social Security number and indicate whether a Federal Estate Tax Return, known as Form 706, has been filed. The total gross estate value, as reported on Form 706, must also be included, or an approximate value should be provided if Form 706 has not been filed. The form necessitates a thorough description of the assets in the estate intended for transfer, which may include stocks, bonds, annuities, life insurance policies, and real property. Each application must be completed in triplicate and submitted to the Alabama Department of Revenue, ensuring that all required information is accurately documented. It is important to note that a separate set of waivers is needed for each company involved. By completing the EST-1 form correctly, executors and administrators can help streamline the estate settlement process, ultimately providing peace of mind during a challenging time.
FORM
AlAbAmA DepArtment of revenue
Complete in Triplicate
EST-1
InDIvIDuAl AnD CorporAte tAx DIvIsIon, estAte tAx seCtIon
and Mail All Copies
is acceptable)
Application for estate tax Waiver
(Carbon or Photocopy
6/14
1.
Name of decedent (First)
(Initial)
(Last name)
2. Date of death
3.
Decedent’s legal residence at time of death
4. Decedent’s Social Security Number
5.
Has Federal Estate Tax Return (Form 706) been filed?
6. Total gross estate
(Give the total gross estate value as reported on
Yes No
$
Form 706. If Form 706 has not been filed, show
approximate value.)
7.
Person to contact for
Name
Telephone No. (
)
additional information:
Address
8.Describe the assets in the estate which are to be transferred. (If additional space is needed, attach additional sheets.) See instructions on reverse side.
No. shares stock or
face value of bonds
Name of Company
Description
ABOVE INFORMATION MUST BE COMPLETED ON EACH APPLICATION BEFORE WAIVER CAN BE ISSUED
A SEPARATE SET OF WAIVERS MUST BE COMPLETED FOR EACH COMPANY
Under penalties of perjury, I declare that I have examined this waiver and, to the best of my knowledge and belief, it is true, correct, and complete.
▼
ADMINISTRATOR’S OR AGENT’S SIGNATURE
DATE
9.NAME AND ADDRESS TO WHICH WAIVER SHOULD BE MAILED (Executor / Administrator)
Alabama Department of Revenue
Individual and Corporate Tax Division
Estate Tax Section
P.O. Box 327440
Montgomery, AL 36132-7440
ESTATE TAX WAIVER
FOR OFFICIAL USE ONLY
This Estate Tax Waiver is hereby approved by the Alabama Department of Revenue.
Signed ______________________________________________
Date ________________________________________________
Valid only when signed by an authorized agent of
the Alabama Department of Revenue.
Instructions for Completing form est-1
this application must be completed in triplicate and all 3 copies mailed to the Alabama Department of revenue, Individual and Corporate tax Division, estate tax section, p.o. box 327440, montgomery, Al 36132-7440. A separate set of waivers must be submitted for each company. If approved, the original and one copy will be returned to you.
LINES 1 through 7. Complete lines 1 through 7 of the application giving the information requested.
LINE 8. Describe the assets in the estate which are to be transferred. examples of the information required on the different assets is described below.
(A)Stocks and Bonds. (1) number of shares, (2) name of stock or bond, (3) type or Class (preferred, common, etc.), (4) for jointly held stocks or bonds, list name of Co-tenant and indicate if held with right of survivorship.
Example:
410 Shares – ABC Corporation – Common
John R. Doe and Mary Doe with right of survivorship
(B)Annuity Contract or Life Insurance Policy. (1) name of Company, (2) Commuted value of Annuity contract or life insurance policy as of decedent’s date of death (or schedule of settlement), (3) name of the beneficiary, (4) type of Annuity (retirement, single
purchase, etc.) or life insurance policy (whole life or term), (5) Contract number or policy number.
Examples:
ABC Insurance Company – Retirement Annuity
Contract #12345
$3,840.00 Beneficiary Mary Doe
XYZ Insurance Company – Life Insurance
Policy #67890
$5,850 Beneficiary John Smith
(C)Real Property. (1) legal description of property or mineral rights as appears on deed or in contract, (2) for jointly held property, list name of Co-tenant.
Montgomery County, Lot 1, according to the map of John P. Jones’
Survey, as recorded in Map Book 25 at page 8 in the office of the
Judge of Probate, Montgomery, Alabama, Jointly held property,
Co-Tenant Mary R. Doe.
LINE 9. enter the name and address to which the waiver should be mailed.
Mail The Original And 2 Copies
Of This Application To:
If you have any questions concerning the completion and/or submission of this application, please contact the estate tax section of the Individual and Corporate tax Division at (334) 242-1033.
Alaforms - Application form for bondsman’s process in Alabama.
Lost Alabama Drivers License - Utilize the back of the form for necessary additional information.
The Alabama Form EST-1 is closely related to the IRS Form 706, which is the United States Estate (and Generation-Skipping Transfer) Tax Return. Both forms serve a similar purpose: they are used to report the value of a deceased person's estate for tax purposes. While the EST-1 is specific to Alabama and focuses on obtaining a state tax waiver, Form 706 is a federal requirement that must be filed if the estate exceeds a certain threshold. Completing Form 706 accurately is crucial, as it provides the federal government with necessary information regarding the estate's assets, deductions, and overall tax liability.
Another document that shares similarities with the EST-1 is the Application for Estate Tax Waiver in other states, such as the Florida Estate Tax Waiver Application. Like the EST-1, this application is used to request a waiver for state estate taxes. Each state has its own specific requirements and processes, but the fundamental goal remains the same: to facilitate the transfer of assets to beneficiaries without the burden of immediate tax liabilities. Both forms require detailed information about the decedent's assets and the individuals involved in the estate administration.
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The Small Estate Affidavit is another document that can be compared to the EST-1. This affidavit is often used in situations where the estate's total value falls below a certain limit, allowing heirs to bypass the formal probate process. While the EST-1 is focused on tax waivers, the Small Estate Affidavit simplifies the transfer of assets for smaller estates. Both documents aim to ease the burden on families during a difficult time, allowing for a more streamlined process in transferring ownership of the decedent's assets.
Additionally, the Letter of Testamentary can be likened to the EST-1 form. This document is issued by a probate court and grants the executor the authority to manage the deceased's estate. While the EST-1 is a state tax waiver application, the Letter of Testamentary ensures that the executor has the legal power to act on behalf of the estate. Both documents are essential for the proper administration of an estate, and they often work in tandem to ensure that the estate is settled according to the decedent's wishes and legal requirements.
Lastly, the Certificate of Death is another document that shares relevance with the EST-1. This official record confirms the passing of an individual and is often required when filing for estate tax waivers. The EST-1 requires the date of death and other personal information about the decedent, while the Certificate of Death serves as proof of that information. Both documents are crucial in establishing the timeline and legitimacy of the estate's administration process, ensuring that all legal protocols are followed in a compassionate manner during a challenging time for families.
Filling out the Alabama EST-1 form can seem daunting, but understanding a few key points can make the process smoother. Here are some important takeaways:
By keeping these points in mind, you can navigate the EST-1 form with confidence. Remember, attention to detail can save you time and potential headaches down the road!
What is the purpose of the Alabama EST-1 form?
The Alabama EST-1 form serves as an application for an estate tax waiver. It is necessary for individuals or entities seeking to transfer assets from a decedent's estate without incurring estate tax liabilities. Completing this form is essential for ensuring compliance with state tax regulations.
Who needs to complete the EST-1 form?
The form must be completed by the executor or administrator of the estate. This individual is responsible for managing the estate's assets and ensuring that all necessary tax filings are completed. If the decedent had a will, the executor named in the will typically handles this process.
What information is required on the EST-1 form?
Several key pieces of information are required, including:
How many copies of the EST-1 form must be submitted?
The EST-1 form must be completed in triplicate, meaning three copies must be filled out and submitted. All copies should be mailed to the Alabama Department of Revenue, specifically to the Individual and Corporate Tax Division, Estate Tax Section.
What should be included in the asset description on the form?
The asset description must detail the nature of the assets in the estate. This includes:
Where should the completed EST-1 form be mailed?
The completed form should be mailed to:
Alabama Department of Revenue Individual and Corporate Tax Division Estate Tax Section P. O. Box 327440 Montgomery, AL 36132-7440
What happens after the EST-1 form is submitted?
Once the form is submitted, the Alabama Department of Revenue will review the application. If approved, the original and one copy will be returned to the applicant. This process ensures that the waiver is valid and recognized by the state.
Is there a penalty for providing false information on the EST-1 form?
Yes, the form includes a declaration stating that the information provided is true and complete. Under penalties of perjury, submitting false information can lead to legal consequences. It is crucial to ensure accuracy when filling out the form.
Who can be contacted for assistance with the EST-1 form?
If there are questions or concerns regarding the completion or submission of the EST-1 form, individuals can contact the Estate Tax Section of the Individual and Corporate Tax Division at (334) 242-1000 for guidance.