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More forms and memos will be added to this page soon, time permitting.

2010 - Memo to Client “What You Should Know Before Making a Disclaimer”

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A qualified disclaimer is a technique whereby the recipient of a gift, usually under a will or trust, renounces his or her interest in the gift. This would ordinarily be subject to the transfer tax system, but if a number of formal documentary, notice, delivery and timing conditions are met IRC Sec. 2518 provides that the renunciation will not be treated as a gift. This can therefore be a very valuable technique that avoids transfer taxation. For instance, if property is passing to a parent, and the parent has a will leaving the property to the children, a disclaimer by the parent gets the property to the children without being taxed in the parent's estate. Of course, the parent cannot gives up the use of the property, but maybe the parent doesn't really need it.

1997 - Problems Involving The Use Of Disclaimers

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There are two UPIAs, which is confusing: the Uniform Principal and Income Act and the Uniform Prudent Investor Act. I call the former the UP&IA, and the latter UPIA, but most people call both UPIA. They have recently been adopted in one form or another in most states, and anyone who is establishing or administering a trust simply has to know something about them both. They are very important. This article give a good overview.

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