This is a trust that will function only in the event the surviving spouse (or his or her estate representative) disclaims the bequest under the will or trust.
The first recipient may wish to disclaim the bequest in favor of the next recipients under the will or trust, very often his children.
If the spouse disclaims
a fraction of the IRA to fully fund the Bypass trust, the spouse's life expectancy is likely to be used for MRDs.
If his or her financial situation has changed, the survivor can disclaim the retirement benefits when the first spouse dies.
In broad terms, here are the requirements for a surviving spouse to disclaim assets (see IRC section 2518 for more details).
If the spouse disclaims to a B trust and retains the rights as income beneficiary, he or she can receive a steady income and the right to receive discretionary principal distributions for health, maintenance and support.
The "cascade" begins when a financially secure spouse chooses to disclaim either all or a portion of his or her interest as primary beneficiary to the B trust as a contingent beneficiary, then simultaneously disclaims some or all of his or her income interest in the trust to the remainder interest holder (i.
GST exemption: If a decedent's child disclaims property that would then pass to grandchildren, the GST exemption can be allocated to the resulting skip transfer.
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 Bank does not examine the books and records of its COFI Reporting Members for the purpose of confirming the accuracy of the data they deliver to the Bank used to calculate the COFI, and the Bank expressly disclaims all liability that may arise from any use of the COFI or the use of inaccurate data received from its COFI Reporting Members in calculating the COFI.
The Bank will not revise or republish the COFI for a given month based on new or corrected data received after that time and expressly disclaims all liability that may arise as a result.
2518-2(d)(2) states that "[i]f a beneficiary who disclaims an interest in property is also a fiduciary .
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.
any proprietary interest in the marks and names of others.
Unless otherwise required by law, the Company also disclaims
any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports of documents the Company files periodically with the SEC.