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New York Renunciation And Disclaimer of Property from Life Insurance...

Queens New York Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract

Name: Queens New York Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract
Brand: US Legal Forms
Rating: 4.85 (395 reviews)

Category:

Real Estate - Disclaimers of Property Interest

State:

New York

County:

Queens

Control #:

NY-02-03

Format:

Instant download

Description

This form is a Renunciation and Disclaimer of Life Insurance or Annuity Contract proceeds where the beneficiary gained an interest in the proceeds upon the death of the decedent, but, pursuant to the New York State Consolidated Laws, Chapter 17-B, Article 2, Part 1, has decided to terminate his/her interest in the proceeds. Therefore, the proceeds will devolve to others as though the beneficiary predeceased the decedent. The form also includes a state specific acknowledgment and a certificate to verify delivery of the document.

Queens New York Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract is a legal process that allows an individual to disclaim or renounce their rights to receive property or financial benefits from a life insurance policy or annuity contract in Queens, New York. This process is typically utilized when the beneficiary, the person entitled to receive the benefits, decides not to accept the property or benefits for various reasons. There are different types of Queens New York Renunciation And Disclaimer of Property from Life Insurance or Annuity Contracts, including: 1. Full Renunciation: In this type, the beneficiary completely relinquishes their rights to receive any property or benefits from the life insurance or annuity contract. By doing so, they effectively disclaim any claim to the assets, and it will be distributed according to the terms of the policy or contract. 2. Partial Renunciation: Unlike full renunciation, a partial renunciation allows the beneficiary to renounce only a portion of the property or benefits they are entitled to receive. The beneficiary can choose to disclaim a specific proportion or designated assets, while still receiving the remaining property or benefits. 3. Qualified Disclaimer: This type of renunciation is subject to specific criteria set forth by the Internal Revenue Service (IRS). A qualified disclaimer allows the beneficiary to disclaim their rights to the property or benefits without triggering any adverse tax consequences. By meeting the IRS requirements, the disclaimed property or benefits will be transferred as if the beneficiary had predeceased the insured individual. 4. Non-Qualified Disclaimer: Unlike a qualified disclaimer, a non-qualified disclaimer does not meet the specific criteria set by the IRS. This means that the disclaimed property or benefits may be subject to certain tax implications for the beneficiary, such as potential gift or estate taxes. However, the beneficiary can still choose to renounce their rights to the property or benefits if they wish. When performing a Queens New York Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract, it is crucial to consult an experienced attorney who specializes in estate planning and contract law. The attorney can guide the beneficiary through the legal requirements, paperwork, and implications to ensure a smooth renunciation process. In summary, a Queens New York Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract provides beneficiaries with the option to disclaim their rights to property or benefits from a life insurance or annuity contract. Depending on the situation, individuals may choose between full or partial renunciations, and they must consider whether a qualified or non-qualified disclaimer is appropriate. Seeking professional legal assistance is essential to navigate the intricacies of this process.

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How to fill out Queens New York Renunciation And Disclaimer Of Property From Life Insurance Or Annuity Contract?

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FAQ

Key Takeaways. Common reasons for disclaiming an inheritance include not wishing to pay taxes on the assets or ensuring that the inheritance goes to another beneficiary?for example, a grandchild. Specific IRS requirements must be followed in order for a disclaimer to be qualified under federal law.

Disclaiming means that you give up your rights to receive the inheritance. If you choose to do so, whatever assets you were meant to receive would be passed along to the next beneficiary in line. It's not typical for people to disclaim inheritance assets.

You disclaim the assets within nine months of the death of the person you inherited them from. (There's an exception for minor beneficiaries; they have until nine months after they reach the age of majority to disclaim.) You receive no benefits from the proceeds of the assets you're disclaiming.

You can redirect your inheritance to anyone you want. It does not matter if the deceased left a Will or if you inherited under the intestacy rules (i.e. where there is no Will). You may wish to redirect your inheritance to: reduce the amount of inheritance tax or capital gains tax due in the deceased's estate.

Renunciation of inheritance means that an heir renounces his/her right to inherit any of legacy when the heir does not want to inherit the legacy of the ancestor (a deceased person).

If you refuse to accept an inheritance, you will not be responsible for inheritance taxes, but you'll have no say in who receives the assets in your place. The bequest passes either to the contingent beneficiary listed in the will or, if that person died without a will, according to your state's laws of intestacy.

The disclaimer shall be in writing, and shall be signed by the disclaimant, and shall: (a) Identify the creator of the interest. (b) Describe the interest to be disclaimed. (c) State the disclaimer and the extent of the disclaimer.

The disclaimer must be in writing and signed by the disclaimant; The disclaimer must be delivered to the individual entrusted with administering the inheritance within a specific period of time; The disclaimant cannot accept any benefit from the inheritance; and.

If no beneficiary is named, the amount in the account will be considered a probate asset. Similarly, life insurance policies and retirement accounts can become a probate asset if they do not have a valid designated beneficiary at the time of the owner's death.

In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust.

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Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract

Disclaimer of Property Interest-New York

New York State Consolidated Laws

Chapter 17-B Estates, Powers & Trusts

ARTICLE 2 RULES GOVERNING DISPOSITIONS SUBJECT TO THIS LAW

PART 1. SUBSTANTIVE RULES GOVERNING DISPOSITIONS

Renunciation of property interests

(a) For purposes of this section:

(1) The term "disposition" shall include a disposition created under a will or trust agreement including, without limitation, the granting of a power of appointment, a disposition created by the exercise or nonexercise of a power of appointment, a distributive share under 4-1.1, a transfer created by a trust account as defined in 7-5.1, a transfer created by a life insurance or annuity contract, a transfer created by a joint tenancy or tenancy by the entirety, a transfer under an employee benefit plan (including, without limitation, any pension, retirement, death benefit, stock bonus or profit-sharing plan, system or trust), any other disposition or transfer created by any testamentary or nontestamentary instrument, or by operation of law, and any of the foregoing created or increased by reason of a renunciation made by another person.

(2) The effective date of the disposition for purposes of this section shall be:

A. If the disposition is created by will, the exercise or nonexercise of a testamentary power of appointment, a distribution pursuant to 4-1.1, the deposit of money in a trust account as defined in 7-5.1, a life insurance or annuity contract, a joint tenancy or tenancy by the entirety, or an employee benefit plan, the date of death of the deceased testator, holder of the power of appointment, intestate, creator of the trust account, insured, annuitant, other joint tenant or tenant by the entirety, or employee, as the case may be;

B. If the disposition is created by trust agreement, the exercise of a presently exercisable power of appointment, or the renunciation of a disposition created by another, the date of the trust agreement, exercise of the power of appointment, or renunciation, as the case may be; and

C. If the disposition is created by any other testamentary or nontestamentary instrument, or by operation of law, the date of the event by which the beneficiary is finally ascertained. Notwithstanding the foregoing, the effective date of a disposition which is of a future estate shall be the date on which it becomes an estate in possession.

(b)

(1) Any beneficiary of a disposition may renounce all or part of his interest; provided, however, that a surviving joint tenant or tenant by the entirety may not renounce that portion of an interest in joint property or property held by the entirety which is allocable to amounts contributed by him to the interest in such property.

(2) Such renunciation shall be in writing, signed and acknowledged by the person renouncing, and shall be filed in the office of the clerk of the court having jurisdiction over the will or trust agreement governing the property of which the disposition would otherwise be made or the court which issued letters of administration, or if there is no probate or administration, then in a surrogate's court provided by law as the place of probate or administration of the decedent's estate, within nine months after the effective date of the disposition. Such renunciation shall be accompanied by an affidavit of the renouncing party that he has not received and is not to receive any consideration in money or money's worth for such renunciation from a person or persons whose interest is to be accelerated, unless payment of such consideration has been authorized by the court. Notice of such renunciation, which shall include a copy of the renunciation, shall be served personally or in such manner as the court may direct upon the fiduciary directed by the will or trust agreement to make the disposition or upon the administrator or such other person who was directed to make the disposition or upon any other person having custody or possession of or legal title to the property, an interest in which is being renounced, and by mail or in such manner as the court may direct upon all persons whose interest may be created or increased by reason of such renunciation. The time to file and serve such renunciation may be extended, in the discretion of the court, on a petition showing reasonable cause and on notice to such persons and in such manner as the court may direct. The time limited in this section for filing and serving such renunciation is exclusive, and shall not be suspended or otherwise affected by any other provision of law; such renunciation shall be effective as of the date of such filing, notwithstanding that notice thereof may thereafter be required by the court.

(c) A renunciation on behalf of an infant, incompetent, conservatee or a decedent shall be made by the guardian of the property of such infant, a committee of such incompetent, a conservator of such conservatee or the personal representative of such decedent. Such renunciation shall not be effective unless, prior thereto, the guardian, committee, conservator or personal representative has been authorized to renounce by the court having jurisdiction of the estate of the infant, incompetent, conservatee or decedent.

(d) Unless the creator of the disposition has otherwise provided, the filing of a renunciation, as provided in this section, has the same effect with respect to the renounced interest as though the renouncing person had predeceased the creator or the decedent or, if the renounced interest is a future estate, as though the renouncing person had died at the time of filing or just prior to its becoming an estate in possession, whichever is earlier in time, and shall have the effect of accelerating the possession and enjoyment of subsequent interests, but shall have no effect upon the vesting of a future estate which by the terms of the disposition is limited upon a preceding estate other than the renounced interest. If, pursuant to the preceding sentence, there would occur a per stirpes disposition of the renounced interest or a disposition or distribution of the renounced interest by representation, then solely for purposes of applying 1-2.14 or 1-2.16, as the case may be, the renouncing person shall be treated as having died on the same date as, but immediately after, the creator or decedent or, if the renounced interest is a future estate, as having died on the same date as, but immediately after, its becoming an estate in possession or, if the time of filing is earlier in time, on the same date as, but immediately after, such filing. Such renunciation is retroactive to the creation of the disposition. A person who has a present and a future interest in property and renounces the present interest in whole or in part shall be deemed to have renounced the future interest to the same extent.

(e) A beneficiary may accept one disposition and renounce another, may renounce a disposition in whole or in part, or with reference to specific amounts, parts, fractional shares or assets thereof. Notwithstanding the provisions of paragraph (d) of this section, a renunciation by a surviving spouse of a decedent of a disposition created by said decedent shall not be deemed to be a renunciation by such spouse of all or any part of any other disposition to or in favor of such spouse, regardless of whether the property which would have passed under said renounced disposition is by reason of said renunciation disposed of to or in favor of such spouse. Unless a renouncing person has provided otherwise in his renunciation, the effect of a renunciation of a fractional part of a disposition is to renounce such fraction of all property to which the renouncing person is entitled under the disposition.

(f) A renunciation may not be made under this section with respect to any property which a renouncing person has accepted, except that an acceptance does not preclude a person from renouncing all or part of any property to which he becomes entitled when another person renounces after such acceptance. For purposes of this paragraph, a person accepts an interest in property if he voluntarily transfers or encumbers, or contracts to transfer or encumber all or part of such interest, or accepts delivery or payment of, or exercises control as beneficial owner over all or part thereof, or executes a written waiver of the right to renounce, or otherwise indicates acceptance of all or part of such interest. A written waiver of the right to renounce shall be binding on the person waiving and all parties claiming by, through or under him.

(g) A renunciation filed under this section is irrevocable.

(h) This section shall not abridge the right of any beneficiary or any other person to assign, convey, release or renounce any property or interest therein arising under any other section of this chapter or other statute or under common law.

(i) Except as specifically provided in the trust instrument, the will, any other instrument creating the disposition, or in this section, this section shall apply to each disposition the effective date of which (as defined in this section) is on or after the effective date of this section, except that with respect to the renunciation of a future interest this section shall apply as well to dispositions created or increased prior to the effective date of this section.

(j) In determining whether or not a valid disclaimer has been made for the purposes of the taxes imposed by articles twenty-six and twenty-six-A of the tax law, the provisions of such law shall be applicable to such determination, notwithstanding any provisions to the contrary contained in this section or any other section of this chapter.

Chap. 17B, Art. 2, Part 1, Â§2-1.11

Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract

Disclaimer of Property Interest-New York

New York State Consolidated Laws

Chapter 17-B Estates, Powers & Trusts

ARTICLE 2 RULES GOVERNING DISPOSITIONS SUBJECT TO THIS LAW

PART 1. SUBSTANTIVE RULES GOVERNING DISPOSITIONS

Renunciation of property interests

(a) For purposes of this section:

(2) The effective date of the disposition for purposes of this section shall be:

(b)

(g) A renunciation filed under this section is irrevocable.

Chap. 17B, Art. 2, Part 1, Â§2-1.11

Queens New York Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract

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How to fill out Queens New York Renunciation And Disclaimer Of Property From Life Insurance Or Annuity Contract?

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FAQ

When should you disclaim an inheritance?

What does it mean to disclaim your inheritance?

How long do you have to disclaim an inheritance?

Can you give away your inheritance to someone else?

What does renunciation mean in a will?

What happens if someone doesn't want their inheritance?

How do you write a disclaimer for an inheritance?

How do I disclaim an inheritance in New York?

Does life insurance go through probate in NY?

What is the difference between a disclaimer and a renunciation?

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Queens New York Renunciation And Disclaimer of Property from Life Insurance or Annuity Contract

Description

Related forms

Viewed forms

How to fill out Queens New York Renunciation And Disclaimer Of Property From Life Insurance Or Annuity Contract?

Form popularity

FAQ

When should you disclaim an inheritance?

What does it mean to disclaim your inheritance?

How long do you have to disclaim an inheritance?

Can you give away your inheritance to someone else?

What does renunciation mean in a will?

What happens if someone doesn't want their inheritance?

How do you write a disclaimer for an inheritance?

How do I disclaim an inheritance in New York?

Does life insurance go through probate in NY?

What is the difference between a disclaimer and a renunciation?

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