Unsigned and vague disclaimer did not shift assets out of estate

Article Abstract:

The Tax Court held that because a widower neglected to issue a formal, written, signed disclaimer to deceased wife's estate, his purported disclaimer was invalid. Section 2518(b) of the tax code clearly specifies that a qualified disclaimer is that issued by an individual who, in writing, irrevocably refuses to accept an interest in property; the writing is received by the transferor of the interest, that person's legal representative or the holder of legal title to the property to which the interest relates not later than nine months after the later of two instances, namely, either the day on which the transfer creating the interest in such a person is made or the day on which such person becomes 21. Without the written document with the necessary information on it and the decedent's signature, there was therefore no disclaimer.

Tax Law, Public Finance Activities, Taxes NEC, Cases, Taxation, Estate tax, Estate taxes, Renunciation (Law)

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Guidance on changes to qualified plan benefits limitations

Article Abstract:

IRS Revised Ruling 2001-51, 2001-45 IRB 427, relating to increases in the limitations on qualified plan benefits and contributions provided by the Economic Growth and Tax Relief Reconciliation Act of 2001, is summarized.

Qualified benefit plans

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Qualified disclaimer does not stymie tax collection effort

Article Abstract:

The author discusses the US Supreme Court's decision in Estate of Drye, in which it considered whether a qualified disclaimer prevented collection under a tax lien.

Disclaimer of gifts, Tax liens, Tax collection

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