Legal Question in Tax Law in New York

You don't disclose enough of the fact to enable one to provide a meaningful recommendation. The concept of renunciation to save eventual estate taxes is worthy of consideration.

I am presuming the owner of the other half has died and if you disclaim, your inheritance will go to your children, making them co-owners with you. Presuming you are the sole heir to it, this might be a good idea. As an alternative, you could accept it and then create a living trust and gift it to the trust, using lifetme gifting or annual gifting. I suggest you contact a good estate planning attorney to assist you.