[WSBAPT] Qualified Disclaimer

[Jade Coppieters]

Joyce,
Treas. Reg. § 25.2518-2(c)(4) has guidance on disclaimer of joint accounts. You cannot disclaim any portion of the account that you contributed. But if Parent contributed all the money, child should have 9 months to disclaim 100% of the account (see Examples 12-14 in the regulation).

Regards,

J. M. Coppieters, Esq.
Phone: 206-236-1500
Fax: 306-905-5912

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of JOYCE SCHWENSEN
Sent: Friday, March 26, 2021 11:47 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Qualified Disclaimer

Dear colleagues,

Can anyone offer me some guidance on preparation of a qualified disclaimer? Parent made one adult child a joint owner of parent's bank account as a convenience. Parent has died and the  Will leaves everything to all children. The child on the joint account understands they own those funds now, but wants to share the funds with their siblings. There are tax reasons for disclaiming rather than gifting the account. But is the inheritance to be disclaimed only a 50% interest in the account? Or can the disclaimer cover 100% of the funds in the formerly joint account? Any help would be appreciated.

Thank you, Joyce

Law Office of Joyce S. Schwensen
Joyce S. Schwensen
12055 15th Ave NE
Seattle, WA  98125
Tel: (206) 367-1065
Fax: (206) 899-1674
Joyce at SchwensenLaw.com<mailto:Joyce at SchwensenLaw.com>
www.SchwensenLaw.com<http://www.schwensenlaw.com/>
CONFIDENTIALITY NOTICE:
This communication (including any attachments) is confidential and may contain legally privileged information. If you are not the intended recipient or believe that you may have received this communication in error, please delete this communication from your computer and do not retransmit, copy, print or otherwise disseminate this communication.
ATTORNEY-CLIENT RELATIONSHIP:
This e-mail does not in any way intend to provide legal advice to be relied upon by any recipient and does not create any duty or obligation for legal representation on behalf of the sender to the recipient of this e-mail without a written engagement agreement.
REFERRALS:
Please note that no referral by this law firm to other legal professionals is intended as a guaranty or assurance as to the experience, ability, professionalism or other characteristics of such legal professionals.

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20210326/4e46485c/attachment.html>