Key Rules And Pitfalls To Execute Qualified Disclaimers Successfully, With Dave Haughton
It covers a narrow estate planning decision that advisors may encounter with inheriting clients, and where the advisor's role ends and the attorney's begins. Useful for firms thinking about how they handle those handoffs.
Summary
By our deskThis episode features David Haughton, vice president of advisor engagement at Hargrove MSO, discussing why a client might disclaim an inheritance, including estate tax planning, asset protection, practical issues with inherited property and opportunities for more favorable tax treatment. He walks through the requirements for a qualified disclaimer, such as acting within the applicable deadline, avoiding "accepting" the assets and letting them pass without directing their destination. The conversation also covers how advisors can spot potential disclaimer opportunities and coordinate with estate attorneys without crossing into legal advice.
- A qualified disclaimer requires acting within the applicable deadline.
- The client must avoid "accepting" the assets for the disclaimer to be qualified.
- The assets must be allowed to pass without the client directing their destination.
- Advisors can help by recognizing disclaimer opportunities and coordinating with estate attorneys rather than giving legal advice.
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