Winter Council Meeting

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Winter Council Meeting




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Presentations text content in Winter Council Meeting

Slide1

Winter Council Meeting

Lake Charles, LA

Slide2

Disclaimers

Slide3

Reasons to Disclaim

1. Onerous Burdens

Slide4

Reasons to Disclaim

1. Onerous Burdens2. Tax Savings

Slide5

Possible Reasons to Disclaim

1. Onerous Burdens2. Tax Savings3. Avoid creditors, exceptIRSChild supportEC § 122.107

Slide6

Requirements -- EC § 122.107

1. Disclaimer Documenta. Written, b. Acknowledged, andc. Statement whether disclaimant owes back child support

Slide7

Requirements -- EC § 122.055

2. Proper Filinga. When = 9 months after decedent’s death

Slide8

Remove 9 month requirement?

The new Uniform Act and a drafted but not introduced will would remove the 9 month requirement. Do you agree?

Yes, can disclaim up to time accept.

No, but expand period (e.g., 12 months).

No, keep as is.

No, remove a person’s option to disclaim as it allows creditor avoidance.

Slide9

Requirements -- EC § 122.052

2. Proper Filinga. When = 9 months after decedent’s deathb. Where = in court where probate proceedings pending

Slide10

Requirements -- EC § 122.056

3. Notice to personal representative by

a. Personal service, or

b. Registered or certified mail.

Slide11

Basic Disclaimer Principles

1. Wills, life insurance policies, etc. may provide disclaimer methods and designate who receives disclaimed property.

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Basic Disclaimer Principles

2. Irrevocable

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Basic Disclaimer Principles

3. Partial disclaimers (“cherry-picking”) allowed.

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Basic Disclaimer Principles

4. Acceptance precludes later disclaimer.

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Basic Disclaimer Principles

5. Disclaimed property passes as if

disclaimant

predeceased decedent.

Disclaimant

cannot control where property goes.

Treated as legally dead although biologically alive vis-à-vis the disclaimed property.

Slide16

Welder v. Hitchcock – p. 53

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Situation

Husband died intestate survived by his wife and their four children.

All children want wife/mother to receive all husband/dad’s property.

They all execute valid disclaimers.

What fact do you need to know if children’s plan worked?

Slide18

Basic Disclaimer Principles

6. Lack of understanding of

effect

of disclaimer (e.g., who receives the disclaimed property) ≠ ground for undoing

Slide19

Basic Disclaimer Principles

7. Lack of understanding of what

property

is being disclaimed = ground for undoing

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