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Disclaimers

Disclaimers. Reasons to Disclaim. 1. Personal. Reasons to Disclaim. 1. Personal 2. Tax Savings. Reasons to Disclaim. 1. Personal 2. Tax Savings 3. Avoid creditors (except IRS). Requirements -- § 37A. 1. Disclaimer Document a. Written, and b. Acknowledged.

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Disclaimers

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  1. Disclaimers

  2. Reasons to Disclaim • 1. Personal

  3. Reasons to Disclaim • 1. Personal • 2. Tax Savings

  4. Reasons to Disclaim • 1. Personal • 2. Tax Savings • 3. Avoid creditors (except IRS)

  5. Requirements -- § 37A • 1. Disclaimer Document • a. Written, and • b. Acknowledged.

  6. Requirements -- § 37A • 2. Proper Filing • a. When = 9 months after decedent’s death

  7. Requirements -- § 37A • 2. Proper Filing • a. When = 9 months after decedent’s death • b. Where = in court where probate proceedings pending

  8. Requirements -- § 37A • 3. Notice to personal representative by • a. Personal service, or • b. Registered or certified mail.

  9. Basic Disclaimer Principles • 1. Wills, life insurance policies, etc. may provide disclaimer methods and designate who receives disclaimed property.

  10. Basic Disclaimer Principles • 2. Irrevocable

  11. Basic Disclaimer Principles • 3. Partial disclaimers (“cherry-picking”) allowed.

  12. Basic Disclaimer Principles • 4. Acceptance precludes later disclaimer.

  13. Basic Disclaimer Principles • 5. Disclaimed property passes as if disclaimant predeceased decedent.

  14. Welder v. Hitchcock – p. 51

  15. Basic Disclaimer Principles • 6. Lack of understanding of effect of disclaimer ≠ ground for undoing

  16. Basic Disclaimer Principles • 7. Lack of understanding of property being disclaimed = ground for undoing

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