Can you renounce part of an estate?

[yankees98a]

NY

My mom recently died. My father is alive and adminstrator. He wants to split my moms stuff 3 ways between him and my 2 brothers. Her will is for him to get everything and if he's not around us equally. Can he renounce 2/3 of her estate so that it goes to my brother and I. We are concerned about federal and NY state (and NYC) taxes

 

[seniorjudge]

NY

My mom recently died. My father is alive and adminstrator. He wants to split my moms stuff 3 ways between him and my 2 brothers. Her will is for him to get everything and if he's not around us equally. Can he renounce 2/3 of her estate so that it goes to my brother and I. We are concerned about federal and NY state (and NYC) taxes

I will answer part of your question: Yes, an heir may renounce part or all of a bequest/grant/devise.

I will leave the tax answers to someone who knows something about taxes.

 

[yankees98a]

And it could be an item, like I renounce 2/3 of a House, or 2/3 of a bank acct, and the rest shall go according to the next names listed in the will.

 

[yankees98a]

Also would a simple letter saying I renounch so and so and it can be transfer to the next party mentioned in the will be sufficient?

 

[seniorjudge]

Also would a simple letter saying I renounch so and so and it can be transfer to the next party mentioned in the will be sufficient?

I don't know if a simple letter will do (ask the probate court clerk) but you certainly can't direct where it is to go.

If you want it to go to a certain person, then get it and give it to that person.

Otherwise, if you give it up, you give it up.