[WSBAPT] Parents need to disclaim?

[Diane J. Kiepe]

Mike,

A disclaimer will just prevent the money transfer from being a deemed gift to the other son.  Without a timely disclaimer, when the son takes, it as if the parents got it and then gifted it.  If the parents aren’t high net-worth people concerned with gift/estate tax at the federal level they could probably just have it go directly to the son.  I have done this recently in another context where siblings avoided a disclaimer.  We did do a TEDRA that recognized it could be a deemed gift from some to others but, again, based on current exemptions no one really cared.

Best of luck!


Diane J. Kiepe

Diane J. Kiepe
Douglas Eden
717 W. Sprague Ave.
Suite 1500
Spokane, WA  99201
djkiepe at depdslaw.com<mailto:djkiepe at depdslaw.com>
509-455-5300



From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of michael at westseattleattorney.com
Sent: Friday, February 28, 2020 11:02 AM
To: WSBA Probate & Trust Listserve <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Parents need to disclaim?

Son died intestate and Parents waived right to be PR. They indicated that they don't need money and they wanted it to go to other son, who was appointed PR, and whom is next in line. I informed them that the needed to sign a disclaimer but they just wanted other son to inherit. RCW 11.86.031says "may be" .... . Are there legal, tax implications which also require filing of a disclaimer?
Mike Atkins

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