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In a 2012 case, a surviving spouse disclaimed her interest in an inherited IRA although she continued to receive IRA distributions that exceeded the RMD for the year the deceased IRA owner died.
Seven months after A's death, B disclaimed $600,000 of the IRA, along with the income attributable to the $600,000 earned after death.
A disclaimed interest in property is not considered to be a transfer by a disclaimant for estate tax purposes and will not be included in his estate at death.
2518 provides that if a person makes a qualified disclaimer as to any interest in property, the disclaimed interest is treated as if it had never been transferred to the person making the qualified disclaimer, for purposes of the Federal estate, gift and generation-skipping transfer (GST) tax provisions.
The court cited IRC section 25 18(c), which says that only an undivided portion of an interest may be disclaimed.
The list does not include inheritances disclaimed under state law.
Further, the plan language allows an adult child to disclaim his or her interest in the amount disclaimed by his parent (i.
In such a case, all the assets are left to the surviving spouse, but the will provides that any assets disclaimed by the spouse pass to a CST.
If disclaimed property passes to grandchildren, and the applicable generation-skipping exemption amount has not been exceeded, tax on the value of this disclaimed property can be avoided.
2518(b), a qualified disclaimer must be (1) an irrevocable and unqualified refusal by the disclaimant to accept an interest in property, (2) made in writing and (3) made within nine months after the interest being disclaimed was created (i.
The total amount disclaimed was about $900,000, which was included in the estate tax marital deduction on Louise Monroe's estate tax return.
In November 1994, H'S estate filed an estate return; its gross income and taxable estate did not include W's assets that the estate claimed had been disclaimed by H.