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Financial Planning / Tax Strategies
|Subject: Re: inheritance vs gift||Date: 5/10/2013 1:49 AM|
|Author: irasmilo||Number: 118599 of 125435|
It sounds like he and the other sibs are disclaiming their shares of the inheritance.
Crap. No, if sibs had officially disclaimed, then their portions would go to their children.
In that case it sounds like DH is the one making a gift with gift tax responsibility. This isn't my strong suit, so pros (or anyone else), I won't argue with corrections, but it could be a simple as filing one 709 and done.
Not an attorney, but I tend to agree with Phil based on what little we know of the situation. Here in NJ, a formal disclaimer must be filed within 9 months of the death, so it appears that possibility had expired.
I would add to this mix of problems the possibility that the children might have standing to file suit claiming that they were deprived of their inheritance as contingent beneficiaries. Not saying that they would prevail, but they could certainly consume a lot of the estate in legal fees.
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