beneficiaries

[cqinsc]

if I was named the beneficiary of a trust account and there were secondary beneficiaries also named, is there any way that I can deny being named the primary beneficiary? My aunt passed away recently and left a trust account with a bank which named me beneficiary until I died then it was to go to the secondary beneficiaries. I don't wish to inherit any of these funds and was wondering if there was a way in which I could deny acceptance of this and have the funds passed on to the secondaries without it being considered a gift.

 

[dmode101]

Yes, absolutely, this is called a disclaimer. It basically creates the legal fiction that you predeceased your benefactor. It would then pass to the secondary beneficiaries. You cannot do this if you have accepted any of the benefits though. Disclaimers are governed by both state law and federal law (relating to estate & gift taxes). There are some technical requirements and deadlines (9 mos aftre death under fed law), so I suggest seeing a local attorney.

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Jeffrey R. Gottlieb, Attorney at Law
http://www.illinoisestateplan.com
This response is not legal advice and does not create an attorney-client relationship.