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.
Idaho USLegal Pamphlet on Disclaiming an Inheritance
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FAQ
In general, a surviving spouse receives all of the community property and the spouse and children share the decedent's separate property. If there is no surviving spouse, the decedent's property is equally divided among the decedent's children, with special rules for deceased children.
Idaho statutes dealing with intestate succession state that a surviving spouse receives all of the community property and they receive one half of any separate property owned by the decedent. The remaining 1/2 of the separate property will go to the decedent's children or parent or other heirs if there are any.
The following are the requirements that must be met for a disclaimer to be qualified: The beneficiary must not have accepted any of the inherited assets prior to the disclaimer. The beneficiary must provide an irrevocable and unqualified (unconditional) refusal to accept the assets. The refusal must be in writing.
A disclaimer is a refusal to accept an interest in or a power over property. In its most common usage a disclaimer involves an estate or trust beneficiary refusing to accept all or a portion of the inheritance or trust benefits to which they would have been entitled.
There is No Idaho State Inheritance Tax Just as with the Federal taxation process, the estate would be required to pay any existing state taxes before any distributions are made to any heirs. As a result, the heirs themselves will owe no taxes.
In Idaho, probate is required if you own any real estate or if you own possessions with a total value of $100,000.
(22) "Heirs" means those persons, including the surviving spouse, who are entitled under the statutes of intestate succession to the property of a decedent.
DISCLAIMER OF INHERITANCE RIGHTS I have been fully advised of my rights to certain property of the Estate of __________________ and waive and disclaim my right to same voluntarily and without duress or undue influence. This disclaimer applies to all real and personal property I would have received.
