Legal Question in Wills and Trusts in Washington
My mother passed away and left a couple of annuities with me as the sole beneficiary. She, however, in her will designated that all of her assets would be split evenly among all four of her daughters. If I take the money, I have to pay the taxes on the money....Can I disclaim their portion and have it sent to the Estate of my mother? Will the money get tied up in probate?
Asked on 10/14/10, 9:55 am
1 Answer from Attorneys
Charles Cruikshank
Cruikshank Law Office-Since 1975
Typically, lifetime transfers such as annunities, are not subject to probate (i.e., they do not pass by will, as the will only becomes effective at death). Annunities are also usually only taxable on the interest portion of payments. I don't have enough information to address the other questions that you asked.
Answered on 10/19/10, 10:08 am
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