The daughters then proposed to disclaim
interests held in equities passing to each of them through the established trust.
When property is left to a surviving spouse who doesn't need or want it, the surviving spouse could disclaim
the portion he doesn't want and avoid a needless double taxation upon his death.
Moreover, if the survivor is expected to need the bulk of the benefits, any estate tax disadvantage to the second option is minimized, since the surviving spouse's estate is taxed only on the benefits that remain at his or her death, If the surviving spouse understands how to properly disclaim
assets and there is a chance he or she will need all or part of the retirement benefits, the best option may be for the benefits to be paid to the surviving spouse.
2) More fundamentally, we believe that, to the extent the Board wishes to proceed, it should disclaim
any effort to usurp the General Assembly's authority and prerogative and rather seek to address the matter through legislation.
Under most state disclaimer laws, the surviving spouse has nine months to decide whether to accept, disclaim
or partially accept and partially disclaim
his or her interest.
In that way, the surviving spouse can decide how much to disclaim
, and the disclaimed
portion will pass to the CST (and not to children outright).
If management does not allow the auditor to perform necessary procedures during the audit, even if management provides a representation regarding the matter, the auditor should consider this a scope limitation and either issue a qualified opinion or disclaim
Recognizing this after the decedent's death, the beneficiaries of the QTIP marital trusts proposed to execute qualified disclaimers to disclaim their interests in the benefit conferred by the waiver of the estate's right of tax reimbursement provided in the decedent's will.
Similarly, if grandchildren receive property which has a value in excess of the exemption amount, it may be possible to disclaim
the excess and avoid generation-skipping tax liability.
2518, citing H's lists of property and his intent to disclaim
The 29 legatees were asked to disclaim
their gifts, and each agreed to do so; all signed valid disclaimer documents in December 1989.
Vested with a right of value, he could choose to accept the benefits of the estate (thereby allowing the property to be distributed to him) or disclaim
the property (thereby channeling the property to a close relative).