This form is a post-nuptial agreement between husband and wife. A post-nuptial agreement is a written contract executed after a couple gets married, to settle the couple's affairs and assets in the event of a separation or divorce. Like the contents of a prenuptial agreement, it can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce, death of one of the spouses, or breakup of marriage.
Oregon Spouses' Mutual Disclaimer of Interest in each Other's Property with Provision for Use of Family Residence by one Spouse
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The answer is yes. The technical term is "disclaiming" it. If you are considering disclaiming an inheritance, you need to understand the effect of your refusalknown as the "disclaimer"and the procedure you must follow to ensure that it is considered qualified under federal and state law.
The surviving spouse can serve as the sole trustee, but cannot have any power to direct the beneficial enjoyment of the disclaimed property unless the power is limited by an "ascertainable standard." This is necessary both to qualify the disclaimer and to avoid any taxable general power of appointment.
A disclaimer may be filed with the trustee, personal representative, other fiduciary or person responsible for distributing the interest to the beneficiary.
The drawback of course to a plan like this is that the surviving spouse may decide not to execute a disclaimer and create the Disclaimer Bypass Trust and then later change the eventual beneficiaries of the trust. This risk is particularly apparent in plans involving remarried couples with children from prior marriages.
To receive the benefits of a disclaimer trust, it needs to be executed properly. When one spouse passes away, the surviving spouse must disclaim assets that are passed through to another trust. This prevents that surviving spouse from paying taxes on the assets and excludes the assets from their future estate.
Key Takeaways. 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.
A disclaimer trust is a clause typically included in a person's will that establishes a trust upon their death, subject to certain specifications. This allows certain assets to be moved into the trust by the surviving spouse without being subject to taxation.
Provisions for the marital disclaimer trust must be included in the deceased spouse's will or trust in order for the surviving spouse to benefit from the disclaimed assets during the surviving spouse's lifetime; otherwise, the disclaimed assets will pass directly to the next beneficiaries named in the will or trust.
A disclaimer trust is an estate planning technique in which a married couple incorporates an irrevocable trust in their planning, which is funded only if the surviving spouse chooses to disclaim, or refuse to accept, the outright distribution of certain assets following the deceased spouse's death.