Legal Question in Wills and Trusts in Virginia

Re: Disclaim inheritance

Yes, Congress in the Tax Reform Act of 1976 amended the law to provide for what's called a "qualified disclaimer" which permits an individual to refuse an interest in property without being deemed to have made a gift of the interest. In effect the individual under this amended tax law is treated as if he or she had never received it and the bequest goes to another beneficiary or beneficiaries under the the will(in this case)and they simply take the refused bequest as part of their inheritance without ther onus of gift or other transfer taxes which otherwise might be imposed.

In order to effect such a qualified disclaimer,

the disclaimant must:

execute the disclaimer in writing and

without directing which beneficiary under

the instrument(will) is to receive it;

within 9 months of the testator's death,

(or, if a minor, within 9 months of turning

age 21);

deliver the writing to the executor of

the estate;

the disclaimant must not have accepted the

interest in the property nor any benefits

from it.