The charitable bequest under the residuary clause being impossible to carry out, the Attorney General and all interested parties agreed that the clause was ineffective, so the residue of the estate would pass by intestacy. A disclaimer by one of … Continue reading
Tag Archives: Disclaimers
Although two of the beneficiaries who might receive remainder distributions upon the termination of the trust in 2022 have disclaimed parts of their interests, and there are possible minor and future unborn remaindermen, the court waived the appointment of a … Continue reading
We previously reported that Notice 2020-23 defers until July 15, 2020, the filing certain tax returns and making tax payments, as well as the time for completing certain “time-sensitive actions,” that would otherwise be required on or after April 1, … Continue reading
An unliquidated personal injury action is not a “future interest” within the meaning of section 2116(c) of the Inheritance and Estate Tax Act (72 P.S. 9116(c)) and so disclaimers filed more than nine months after death were not effective for … Continue reading
Good news (for disclaimer fans): S.B. 1104, which contains a number of different amendments to the PEF Code, and which appears to be on track to pass the Senate, has been amended to specify that an agent who is given … Continue reading
Declaratory judgment was appropriate to hold that second spouse, who had not elected against will executed before her marriage to the decedent, was entitled to an intestate share of the decedent’s revocable trust which was also executed before marriage, and … Continue reading
A disclaimer is a transfer without value that can affect eligibility for Medical Assistance – Long Term Care benefits. Schell v. Dept. of Public Welfare, 80 A.3d 844, 203 C.D. 2013 (Pa. Cmwlth. 12/4/13). … Continue reading
The decision whether to create a trust for the surviving spouse in order to minimize federal estate tax can be a difficult one, but in most cases the decision can be deferred until after a death has occurred, because the creation of the trust can be dependent on a “qualified disclaimer” by surviving spouse. This allows tax planning to be done “post mortem, but only if the will or revocable trust has been drafted to include “disclaimer trust” provisions, so that a disclaimer by the surviving spouse results in a trust for the surviving spouse.
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