A disclaimer deed is a deed in which a spouse disclaims any interest in the real property acquired by the other spouse. A mortgage company often asks a borrower to sign a disclaimer deed so that his spouse not having her name on the loan, cannot claim any interest in the property.
Indiana Disclaimer Deed
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US-01994BG
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FAQ
If a disclaimer is not "qualified", it is treated as a taxable gift from the disclaimant to the person taking the property. A qualified disclaimer must be valid under state law and must meet all the requirements of Internal Revenue Code Section 2518.
If a person to whom any interest in property passes by reason of the exercise, release, or lapse of a general power desires to make a qualified disclaimer, the disclaimer must be made within a 9-month period after the exercise, release, or lapse regardless of whether the exercise, release, or lapse is subject to estate ...
A person who receives an interest in property as the result of a qualified disclaimer of the interest must disclaim the previously disclaimed interest no later than 9 months after the date of the transfer creating the interest in the preceding disclaimant.
A disclaimer of interest is, essentially, a written statement to the probate court where someone who stands to inherit property or assets states that they do not wish to exercise that inheritance. They ?disclaim? any right to receive the interest that they otherwise would.
Understanding the Qualified Disclaimer The disclaimer is made in writing and signed by the disclaiming party. In addition, they must identify the property or interest in property that is being disclaimed.
To be valid, a qualified disclaimer must meet the following requirements: Must be in writing. Must be within nine months of the gift. No acceptance of the gifted interest or any benefits. Interest passes without any direction on the part of the person making the disclaimer.
For example, in her will a decedent leaves $500,000 to her nephew if he survives her, but if he does not survive her, this amount passes to her nephew's children who survive the decedent. If the nephew disclaims the property, it passes to his children who survive the decedent.
A qualified disclaimer is a part of the U.S. tax code that allows estate assets to pass to a beneficiary without being subject to income tax. Legally, the disclaimer portrays the transfer of assets as if the intended beneficiary never actually received them.
