Disclaimer

An individual’s refusal to accept a gift or other distribution from a trust or estate in order to allow the property to pass to alternate takers. Typically, a disclaimer is used as an estate planning technique to avoid estate tax. In order to avoid having a disclaimer qualify as a taxable gift, five requirements must be met: (1) the disclaimer must be irrevocable and unqualified; (2) the disclaimer must be in writing; (3) the disclaimer must be made within nine months of the gift or distribution; (4) the disclaimer must be made before the individual has accepted any interest in the gift or distribution; and (5) the disclaimed interest must pass to an alternate taker without any direction or control by the individual.

Estate Planning Blog

Get useful estate planning insights about wills, trusts, elder law, special needs planning, and more from the estate planning attorneys at TuckerAllen.

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O'Fallon, MO

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Reference: Disclaimer