- 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. Merriam-Webster. 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. Susan Ellis Wild. 2000.
Look at other dictionaries:
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disclaimer, qualified — n. A written statement made by a taxpayer refusing to accept an interest in a particular property. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 … Law dictionary
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