Winter Council Meeting Lake Charles, LA

 1. Onerous Burdens

 2. Tax Savings

 1. Onerous Burdens  2. Tax Savings  3. Avoid creditors, except  IRS  Child support ▪ EC §

 1. Disclaimer Document  a. Written,  b. Acknowledged, and  c. Statement whether disclaimant owes back child support

 2. Proper Filing  a. When = 9 months after decedent’s death

 The new Uniform Act and a drafted but not introduced will would remove the 9 month requirement. Do you agree? A. Yes, can disclaim up to time accept. B. No, but expand period (e.g., 12 months). C. No, keep as is. D. No, remove a person’s option to disclaim as it allows creditor avoidance.

 2. Proper Filing  a. When = 9 months after decedent’s death  b. Where = in court where probate proceedings pending

 3. Notice to personal representative by  a. Personal service, or  b. Registered or certified mail.

 1. Wills, life insurance policies, etc. may provide disclaimer methods and designate who receives disclaimed property.

 2. Irrevocable

 3. Partial disclaimers (“cherry-picking”) allowed.

 4. Acceptance precludes later disclaimer.

 5. Disclaimed property passes as if disclaimant predeceased decedent. Disclaimant cannot control where property goes. Treated as legally dead although biologically alive vis-à-vis the disclaimed property.

 Husband died intestate survived by his wife and their four children.  All children want wife/mother to receive all husband/dad’s property.  They all execute valid disclaimers.  What fact do you need to know if children’s plan worked?

 6. Lack of understanding of effect of disclaimer (e.g., who receives the disclaimed property) ≠ ground for undoing

 7. Lack of understanding of what property is being disclaimed = ground for undoing