In broad terms, here are the requirements for a surviving spouse to disclaim
assets (see IRC section 2518 for more details).
26 -- would vitiate governing rules established for taxing enterprises doing business in the State and their affiliates, by requiring all State contractors to disclaim
any right to "shift Maryland income to out-of-State affiliates who do not report this income to Maryland.
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.
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).
any proprietary interest in the marks and names of others.
He determines who will receive the property--himself if he does not disclaim
, a known other person if he does.
In addition, the proposed regulations armed the rules affecting persons who disclaim
powers or interests in jointly owned property.
In addition, when nonspouse beneficiaries receive an interest in trust causing the trust to fail to qualify for a qualified terminable interest property (QTIP) election, such beneficiaries may disclaim
their interests in such trust in order to qualify the trust for the QTIP election.
The surviving spouse proposed to disclaim
her contractual survivorship interest in the jointly owned and POD certificates, as well as her right to the CDs she owned outright under her husband's will.
2518 allows a would-be beneficiary to disclaim
a gift or bequest provided that - disclaimer is in writing; - the transferor (or his legal representative) receives the written disclaimer no later than (1) nine months after the date of the transfer that created the interest the would-be beneficiary is disclaiming, or (2) if later, the day on which the would-be beneficiary turns 21; - the would-be beneficiary has not received the interest or any of its benefits; and - as a result of the disclaimer, the interest passes to a person other than the would-be beneficiary without any direction on the would-be beneficiary's part (Sec.