What is the name of your state (only U.S. law)? PA
My grandfather, also a PA resident, passed away earlier this month and left no will. He and my grandmother (still living) held accounts jointly as well as separately. Because he died intestate, his personal accounts will be divided between my grandmother and the three children. The children do not want the money and would rather let my grandmother keep it. If they each file a disclaimer, does the money go to my grandmother or to myself and my cousins? If transferred to my grandmother, is this amount free of Federal and State estate tax? If not, is it subject to gift tax if it exceeds the annual limit? Even if it is subject to inheritance tax, would disclaimer still be an option to avoid the gift tax of a subsequent transfer to my grandmother?
Thanks in advance!
My grandfather, also a PA resident, passed away earlier this month and left no will. He and my grandmother (still living) held accounts jointly as well as separately. Because he died intestate, his personal accounts will be divided between my grandmother and the three children. The children do not want the money and would rather let my grandmother keep it. If they each file a disclaimer, does the money go to my grandmother or to myself and my cousins? If transferred to my grandmother, is this amount free of Federal and State estate tax? If not, is it subject to gift tax if it exceeds the annual limit? Even if it is subject to inheritance tax, would disclaimer still be an option to avoid the gift tax of a subsequent transfer to my grandmother?
Thanks in advance!