Laws about disclaiming a portion of inheritance

[pascaline]

What is the name of your state (only U.S. law)? Missouri
My husband died Oct. 7. 2010. I am the sole inheritor. He was French. We have property in the United States as well as property, investments and stocks in France, where he was from. I had wanted to give my 3 step sons all the property and monies in France but keep all the property in the United States. I thought this could be done through the French courts, but the French law indicates that since he died in Missouri and was a resident here, the American law super cedes the French law. Can I give the property to my step sons? Will I have to pay taxes? Would they have to pay taxes? Is there a time limit in the state of Missouri to disclaim a part of the inheritance.
Also, if I disclaim a part of the inheritance, can it be given to only his children or do my children have to be included since it states in the will if I were to die at the same time as my late husband, our assets would be divided between our 6 children. I do not wish to involve my children in this. If anyone can help me to find answers to this, I would appreciate it. I do not HAVE to give them anything, I just wanted to if at all possible, but I do NOT want it to cost me. It already cost me $63,000 to bury my husband in France. We are talking about $200,000.00 of assets. Thank you for your help!What is the name of your state (only U.S. law)?

 

[Ohiogal]

What is the name of your state (only U.S. law)? Missouri
My husband died Oct. 7. 2010. I am the sole inheritor. He was French. We have property in the United States as well as property, investments and stocks in France, where he was from. I had wanted to give my 3 step sons all the property and monies in France but keep all the property in the United States. I thought this could be done through the French courts, but the French law indicates that since he died in Missouri and was a resident here, the American law super cedes the French law. Can I give the property to my step sons? Will I have to pay taxes? Would they have to pay taxes? Is there a time limit in the state of Missouri to disclaim a part of the inheritance.
Also, if I disclaim a part of the inheritance, can it be given to only his children or do my children have to be included since it states in the will if I were to die at the same time as my late husband, our assets would be divided between our 6 children. I do not wish to involve my children in this. If anyone can help me to find answers to this, I would appreciate it. I do not HAVE to give them anything, I just wanted to if at all possible, but I do NOT want it to cost me. It already cost me $63,000 to bury my husband in France. We are talking about $200,000.00 of assets. Thank you for your help!What is the name of your state (only U.S. law)?

You cannot disclaim the inheritance and have it go to legal strangers to the decedent. You would have to inherit the property AND THEN gift it to your step sons. There would be taxes associated with it most likely.

 

[tranquility]

If you disclaim, you no longer have any rights to the property. It will go back into the estate/trust and be distributed according to its terms. Yes, there are time limits to when you can disclaim.

As to the taxes, a return would need to be filed for the gift if there was not a disclaimer. There probably won't be any taxes due.

 

[ecmst12]

I think the stepsons are HIS children, not legal strangers.

 

[Ohiogal]

I think the stepsons are HIS children, not legal strangers.

Well then dad must have left a will then if OP is the SOLE inheritor. Because without a will, her husband's property would be distributed between her and HIS children.

 

[pascaline]

Will and french law

Yes, my husband left a will and left everything to me as I did him. Death at 52was not what we had expected, however we wanted to make sure we would survive financially, if a tragedy happened at a young age. At an older age, we would have formed a trust for our 6 children.

Now I desire to give a portion of our assets that are located in France. French law is complicated and it takes a long time to close an estate. It has now been almost 16 months since he passed away and the french legal team is confused and now needs to apply our laws in Missouri. Does anyone know how long one has in Missouri to disclaim a portion of my inheritance? French law is leaning on American law since we were residents of Missouri and also He died in this state.


Thank you for any help you can give me.

 

[Zigner]

How much "stuff" are we talking about here? How much would you expect to "gift" to each child?

 

[pascaline]

Amount of disclaimer

The value in American dollars is about $350,000.00. I have no idea if I am even allowed to do that and also if the time frame in disclaiming a part of the inheritance has already passed. It has been 18 months.

 

[ecmst12]

It still seems like it will be better for you to accept the inheritance and then gift it out as you'd like. You will have to file gift tax returns but you can gift $5million before you have to pay gift tax.

 

[ShyCat]

It still seems like it will be better for you to accept the inheritance and then gift it out as you'd like. You will have to file gift tax returns but you can gift $5million before you have to pay gift tax.

The $5 million exemption amount is for estate tax. The lifetime gift tax exemption amount remains only $1 million. So much for "unified estate/gift tax".

 

[anteater]

The $5 million exemption amount is for estate tax. The lifetime gift tax exemption amount remains only $1 million. So much for "unified estate/gift tax".

No, they happily re-united in 2011. The wedded bliss will last through at least 2012.

 

[ShyCat]

Oh, you're right! I missed that.