I'm trying reduce a more complicated situation to the bare facts in order to work out a larger problem.
Deceased taxpayer has 3 heirs. The will states that Heir A receives 10% of estate, Heir B receives 10% of estate, and Heir C receives 80% of estate. Estate consists of $100K in cash and $40K FMV of personal property, including a $10K ring. The will mentions that a codicil may give certain personal items to individual heirs.
A codicil gives the $10K ring to Heir A. When the estate is settled, does Heir A receive $14K and the ring and Heir B receive $14K, or is the FMV of the ring deducted from the $40K FMV of personal property, meaning Heir A receives $13K plus the ring and Heir B receives $13K?
I know all this will affect Heir C, but he's not too concerned about the net effect beyond making sure that the other heirs are treated fairly and that the wishes of the deceased are honored.
Deceased taxpayer has 3 heirs. The will states that Heir A receives 10% of estate, Heir B receives 10% of estate, and Heir C receives 80% of estate. Estate consists of $100K in cash and $40K FMV of personal property, including a $10K ring. The will mentions that a codicil may give certain personal items to individual heirs.
A codicil gives the $10K ring to Heir A. When the estate is settled, does Heir A receive $14K and the ring and Heir B receive $14K, or is the FMV of the ring deducted from the $40K FMV of personal property, meaning Heir A receives $13K plus the ring and Heir B receives $13K?
I know all this will affect Heir C, but he's not too concerned about the net effect beyond making sure that the other heirs are treated fairly and that the wishes of the deceased are honored.
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