This pamphlet provides an overview of disclaimers by those who inherit assets they choose not to accept. Topics included cover why a disclaimer may be made and the general rules for making a disclaimer. A link to state-specific information is provided.
A Disclaimer of Inheritance Form in New York, also known as a Renunciation of Inheritance Form, is a legal document that allows an individual to voluntarily refuse or disclaim their right to inherit assets from a deceased person's estate. This disclaimer is typically used when the inheritor wants to avoid receiving assets due to various reasons, such as tax implications, debts or obligations associated with the estate, or the desire to pass assets to other beneficiaries. In New York, there are two main types of Disclaimer of Inheritance Forms: 1. Qualified Disclaimer: This type of disclaimer must meet specific requirements set by the Internal Revenue Code and the New York State law. To be considered "qualified," the disclaimer must be in writing, signed by the disclaim ant, and delivered to the personal representative or fiduciary of the estate within a certain time frame (within 9 months of the decedent’s death for federal tax purposes, and within 9 months for New York State tax purposes). 2. Non-Qualified Disclaimer: This form of disclaimer does not meet the necessary requirements for a qualified disclaimer. It may be used when the disclaimer is received after the allowed time frame or does not adhere to other specific criteria. Keywords: Disclaimer of Inheritance Form, Renunciation of Inheritance Form, New York, voluntary refusal, disclaim, inherit assets, deceased person's estate, tax implications, debts, obligations, beneficiaries, Qualified Disclaimer, Internal Revenue Code, New York State law, writing, signed, delivered, personal representative, fiduciary, time frame, federal tax purposes, New York State tax purposes, Non-Qualified Disclaimer.
