A timely issued disclaimer by an heir transfers the property to someone else without a gift tax result.

Name: A timely issued disclaimer by an heir transfers the property to someone else without a gift tax result.
Brand: Quizplus
Rating: 4.9 (62 reviews)

Question

Quizplus · Accepted Answer

When an heir timely issues a disclaimer, they are essentially refusing to accept the property, which causes it to pass on to the next beneficiary according to the terms of the estate or trust. This transfer is not considered a gift and therefore does not trigger gift tax.

A Timely Issued Disclaimer by an Heir Transfers the Property