I recently wrote of calling a client’s cousin to let her know she inherited from his estate and she was shocked but happy as it would be a big help to her. There are cases, rare as they are where the beneficiary says, “No thank you” to the inheritance. Why would someone do this? Here are a few reasons why:
If you prefer that your children inherit your portion of an estate, you can “disclaim” the inheritance, thus, not accept the benefit. This will force the gift to pass to the next in line.
Often property is passed on but may not be as desirable to the next generation as it is to those making the gift. There could be taxable gains associated with the sale of the property or expensive repairs required.
Another reason people don’t want to inherit is that an income producing asset may push them into another, higher tax bracket.
When planning your estate, please make sure you look carefully at whom you wish to receive your estate and whether or not they really want it.

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