qualified disclaimer


qualified disclaimer
qualified disclaimer n: an irrevocable and absolute refusal to accept a particular interest in the estate of a decedent (as a spouse) that is made in accordance with federal tax requirements and results in favorable tax consequences (as exemption from a gift tax)
◇ Property disclaimed under a qualified disclaimer is not treated as a gift and is not included in the gross estate of the decedent. Thus property disclaimed by a surviving spouse could pass to his or her children without incurring a gift tax. A disclaiming party cannot, however, direct the disposition of the disclaimed interest and must not have accepted the interest or its benefits (as dividends).

Merriam-Webster’s Dictionary of Law. . 1996.

qualified disclaimer
n. A disclaimer stating that the taxpayer has no interest, for federal unified estate tax purposes, in the disclaimed property.

Webster's New World Law Dictionary. . 2000.

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