Are you concerned about paying excessive estate or inheritance tax in West Palm Beach? Did you know that you might be able to disclaim the inheritance? Who would disclaim an inheritance? Why would anyone ever waive his or her right to money in West Palm Beach? Learn why and how to manage your wealth properly.
Disclaiming the Inheritance in West Palm Beach
- If you want to disclaim an inheritance there are a few rules to follow in West Palm Beach.
- The Florida probate code clearly outlines how to disclaim an inheritance.
- For one thing it has to be in writing, and signed by the individual who is disclaiming.
- Also you have to do it before you get the inheritance.
- If you do not, you may still end up with the tax bill.
- For an interesting article on that issue check out my blog about the Flying Tiger’s jacket from WW2 that left a 3k inheritance bill.
- Also you will not get to pick where the inheritance goes.
- In fact your disclaimer makes it as if you are already deceased and the inheritance will pass as such.
- This leaves one super important question.
- Why would you disclaim an inheritance in West Palm Beach?
Why Would I Disclaim
- There are a number of reasons why you may want to disclaim an interest in an estate in West Palm Beach.
- For one thing you may just not want the money and you may feel your brothers and sisters or other beneficiaries could use the money.
- It is not uncommon for well off beneficiaries of wills in West Palm Beach to disclaim an inheritance, as then it passes to the next person in line under the will.
- Experienced Palm Beach probate litigators often draft wills so that the children of a beneficiary can take next.
- Now the funds can pass without worrying about a gift tax from the parent to child.
- Also sometimes you simply do not want the inheritance.
- Who really wants a fourth china set?
- You may want to disclaim just out of convenience and allow the inheritance to go to the residual beneficiary of the estate.
- Are you considering disclaiming the inheritance in West Palm Beach?
- Failure to follow the rules could mean you are on the hook for the taxes, so watch out.