Legal Question in Wills and Trusts in New Jersey
Disclaimer Trust in case of simultaneous death
In a Will with a Disclaimer Trust, if both spouses die simultaneously, does the executor have the right to disclaim an amount to save taxes ?
Asked on 5/26/07, 11:23 am
1 Answer from Attorneys
Jonathan Chester
The Law Office of Jonathan S. Chester, Esq., LLC
Re: Disclaimer Trust in case of simultaneous death
There should be a provision included in both spouses' wills dealing with a simultaneous death situation. Each will should provide that in the event of a simultaneous death, the wealthier spouse is deemed to die first. Then the estate of the less wealthy spouse can disclaim assets to equalize the two estates so that tax is avoided, or if a tax is payable, the overall tax rate is as low as possible.
Answered on 5/29/07, 9:32 am
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