qualified disclaimer

noun

Legal Definition of qualified disclaimer

: an irrevocable and absolute refusal to accept a particular interest in the estate of a decedent (as a spouse) that is made in accordance with federal tax requirements and results in favorable tax consequences (as exemption from a gift tax)

Note: Property disclaimed under a qualified disclaimer is not treated as a gift and is not included in the gross estate of the disclaimant. Thus property disclaimed by a surviving spouse could pass to his or her children without incurring a gift tax. A disclaiming party cannot, however, direct the disposition of the disclaimed interest and must not have accepted the interest or its benefits (as dividends).

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Cite this Entry

“Qualified disclaimer.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/qualified%20disclaimer. Accessed 16 Aug. 2022.

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