What is the name of your state?What is the name of your state? NEW YORK
Given a the death of the husband in a two million dollars jointly owned estate, can the wife who jointly owns stocks, (joint tenents), who is also on the deed of a house as joint owner, and is named as principal beneficiary of annunities, file a "disclaimer" in New York City where they live disclaiming the ownership or inheritance after the death of the husband. There is a simple Will where the husband names two sons as the next in line for inhertitance after the wife. The assets were jointly owned, since they are named as "joint" owners of the stocks and house and each other is named as beneficiary on separate annuities. It seems that the inheritance is automatic through survivorship. Can this "disclaiming" be done? Would it mean now opening up the Will through probate and now distributing the previously named assets? Before it seemed that these assets didn't have to go through probate since the wife was either the survivor or named beneficiary. This is trying to be done so the assets for each (the husband and wife) will each be just under one million dollars and wouldn't be taxed by New York estate tax. The wife in effect reduces her future estate tax since her assets would now fall below the New State estate tax threshold upon her death in future. Essentially by spliting the estate this way it avoids New York Estate tax and Federal Estate Tax since by splitting they are both now under the taxable amounts of one million dollars for New York and one and half millions dollars for the Federal tax. If would be like the husband willed the assets to the two sons only now it's being done after his death.
If disclaiming this property after death is possible, what are the down sides to the two sons who would inherit the property equallys as the Will states? Is it just the costs of probate and time to actually probate the Will? By taking this approach they are trying to save approimately one hundred thousand dollars in New York estate tax, 10 percent of the million dollars, over the New York estate tax threshold when the wife dies in future. What do you see the costs for probate and filing the disclaimer? Would they be less than the New Estate Tax?
Given a the death of the husband in a two million dollars jointly owned estate, can the wife who jointly owns stocks, (joint tenents), who is also on the deed of a house as joint owner, and is named as principal beneficiary of annunities, file a "disclaimer" in New York City where they live disclaiming the ownership or inheritance after the death of the husband. There is a simple Will where the husband names two sons as the next in line for inhertitance after the wife. The assets were jointly owned, since they are named as "joint" owners of the stocks and house and each other is named as beneficiary on separate annuities. It seems that the inheritance is automatic through survivorship. Can this "disclaiming" be done? Would it mean now opening up the Will through probate and now distributing the previously named assets? Before it seemed that these assets didn't have to go through probate since the wife was either the survivor or named beneficiary. This is trying to be done so the assets for each (the husband and wife) will each be just under one million dollars and wouldn't be taxed by New York estate tax. The wife in effect reduces her future estate tax since her assets would now fall below the New State estate tax threshold upon her death in future. Essentially by spliting the estate this way it avoids New York Estate tax and Federal Estate Tax since by splitting they are both now under the taxable amounts of one million dollars for New York and one and half millions dollars for the Federal tax. If would be like the husband willed the assets to the two sons only now it's being done after his death.
If disclaiming this property after death is possible, what are the down sides to the two sons who would inherit the property equallys as the Will states? Is it just the costs of probate and time to actually probate the Will? By taking this approach they are trying to save approimately one hundred thousand dollars in New York estate tax, 10 percent of the million dollars, over the New York estate tax threshold when the wife dies in future. What do you see the costs for probate and filing the disclaimer? Would they be less than the New Estate Tax?