Question

In terms of tax ramifications, comment on what is accomplished in the follow-
ing disclaimer situations occurring in 2015.
a. Lester dies intestate and is survived by a daughter, Nora, and a grandson, Nick.
The major asset in Lester’s estate is stock worth $3.5 million. Under the applica-
ble state law of descent and distribution, children precede grandchildren in
order of inheritance. As Nora is already well-off and in ill health, she disclaims
Lester’s property.
b. Under her will, Audrey’s estate is to pass $6 million to her son, Raymond, and
the $3 million remainder to her husband, George. Raymond disclaims $570,000
of his inheritance.
c. Under Isaac’s will, $4 million is to pass to his wife, Brenda, and the $5.5 million
remainder to his daughter, Sybil. Brenda disclaims $70,000 of her inheritance.
d. Under Tricia’s will, her $3 million cubist art collection is to pass to her husband,
Leroy. If Leroy disclaims the collection, it passes to the San Francisco Museum
of Modern Art. Leroy neither understands nor admires this type of art.


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  • CreatedSeptember 09, 2015
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