A disclaimer is a refusal to accept property that one would otherwise receive by gift or inheritance. These days the disclaimer is receiving much more attention from estate planners for its usefulness in adjusting estate plans after death when needed.
Disclaimers are a way of changing the distribution from a Will if there is a tax benefit or other reason to do so. For example, Grandpa leaves his estate to his Daughter who is already wealthy. Daughter disclaims the inheritance and allows it to go instead to her children who need the money to pay college tuitions for their children. [Read more…]