Atticus just refused a broken down mansion due to the amount of work it needs. Now the original estate plan needs changing. What is the best option for post-mortem estate planning in this situation?

Question

Quizplus · Accepted Answer

A qualified disclaimer is used for post-mortem estate planning when property is refused. A disclaimer is simply a formal refusal of an inheritance of property from a decedent. Such a refusal is stall a taxable gift unless one satisfies the IRC requirements for a "qualified disclaimer." Under the qualified disclaimer rules, an estate beneficiary may avoid receipt of the property bequeathed by the deceased, thereby avoiding any gift tax. The disclaimer must be irrevocable and unqualified and must be in writing.

Atticus Just Refused a Broken Down Mansion Due to the Amount