6 Reasons to Reject an Inheritance (Episode #278)

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Well, good afternoon, Michiganders.
It is Tuesday, April eighteenth, twenty

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twenty three, and a brief shout
out to my brother Mark. Happy birthday,

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Mark. I hope that you have
an awesome day in Colorado. Hopefully

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springtime is coming your way as well. But this, of course is Tuesday

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with Tom, Michigan's only weekly Internet
show where we do answer your questions about

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a state planning and a state settlement
in Michigan, and we don't send you

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a bit. I'm your host,
Tom Doyle, a state planning attorney,

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lifelong Michigan resident, an ambassador for
all things good in this great state of

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Michigan. Welcome, Welcome to today's
program. Well, if you listen to

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last week's episode, you know I
talked about how you can reject and inheritance.

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So perhaps you're supposed to receive an
inheritance treas company, but you don't

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want it for one reason. Another, I invite you to listen to last

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week's episode where I talked about how
you would do that using what is called

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a disclaimer. But after listening and
again re listening to the show after it

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was finished last week, at dawned
on me that I actually had a previous

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episode in which I talked about six
reasons why you might want to reject that

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inheritance. So as a follow up
till last week, I'm simply going to

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replay that section of that episode where
I talk about six reasons to reject an

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inheritance. But before we do that, just a reminder that a man and

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I would be honored to have the
opportunity to help you protect your loved ones

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by putting together your state plan or
amending a current plan that you already have,

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or perhaps assisting you in settling a
loved ones estate. All of the

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information on how you can schedule an
appointment with this how we can help you

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is available at the website doilapc dot
com. There you're also going to find

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information on how to order individual legal
documents. Maybe all you need is a

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certificate of trust or a new document
of some sort. Check out the Legal

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Store where you have the ability to
order individual documents that can be delivered to

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you through the Internet. But having
said that, here is my previous program

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in which I discussed six reasons to
reject and inheritance. Today's show, let's

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talk about six reasons to reject and
inheritance. But please remember what I'm about

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to discuss during the program is,
as always for educational purposes only. It

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is not intended to be legal advice. As always, you need to work

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with your attorney to determine what is
appropriate for you and your estate plan.

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Six reasons to reject in inheritance.
I know for many of you out there

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listening right now, you might say
to yourself, geez, why would I

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ever even consider rejecting an inheritance?
If somebody leaves me, perhaps something under

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their will or under a trust,
or maybe I'm a beneficiary on a bank

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account or life insurance policy or retirement
plan where I'm going to receive those assets

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when the person dies, why would
I ever consider not wanting to receive that.

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Well, today, today we're going
to talk about six reasons to reject

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an inheritance, and reason number one. In some cases, and again it's

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going to depend upon the circumstances that
you are dealing with, but in some

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cases it might actually be a smart
tax move to reject an inherance. And

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let me tell you scenario that I
had with a client. Her husband had

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died, he had a very sizable
IRA and his wife was the beneficiary on

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the IRA. The alternate beneficiaries on
the IRA, that is, if his

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wife didn't survive him, were his
four adult children. When he died and

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before his wife filed the paperwork to
receive the proceeds, she met with me

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and we discussed with her her own
estate plan, discussed with her settling her

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husband's estate. And during that conversation, obviously we talked about the sizeable IRA

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that she was about to inherit from
her husband. Well, when we analyzed

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it if first, I asked her, so do you need the money?

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Well, no, she did not. She had a very sizeable estate on

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her own. In fact, when
this occurred, her estate was large enough

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on its own that she had a
federal estate tax problem. Her estate was

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larger than the federal estate tax exemption, so she had a significant estate,

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so she didn't need the estate from
her husband. I esd her, so,

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if you do receive this IRA from
your husband, what are you going

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to do with it? And she
advised me that her plan was, I'm

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just going to give it to my
kids. I'm just going to give it

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to my kids. Whether I'm going
to give it to them as part of

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my estate Plann or I'm going to
give it to them now I'm never going

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to use the money. Well,
when we analyzed it, the problem that

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she had if she received the IRA
is it was simply going to increase the

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size of her estate when she died, essentially meaning she would have had a

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federal estate tax bill due at the
time of her death. Or if she

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received the IRA and decided to give
it to her children now, because the

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Federalist State and gift tax is a
unified tax and they both worked together,

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she in fact was going to incur
a gift tax if she turned around and

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gave the proceeds to her children during
her lifetime. Again, options she receives

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the IRA, holds onto it till
death, she's going to have a higher

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Federalist state tax built. She receives
the assets. Option two, and she

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gives it to her kids, she
was going to incur a gift tax.

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Option three, which made sense,
and it was something that I had to

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recommend to her considering is to reject
it, to say I know I don't

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want the IRA. Then what happens
when she rejects the IRA, which is

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what we call a disclaimer, that's
the legal document that you used to do

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that. When she disclaimed the IRA, then what happened? It went to

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the alternate beneficiaries who were the alternate
beneficiaries her for children. Thus, by

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disclaiming it, it didn't become part
of her estate that raised her federal estate

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tax bill. By disclaiming it,
it went to the right to the kids

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that she wanted it to go to, and there wasn't a gift tax consideration.

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So in her case, saying no
to that IRA was a smart tax

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move. Another example, and again
sometimes it comes in because of iras,

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which oftentimes are tax issues. Let's
say that you are the beneficiary on a

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parent's IRA and your younger children are
the contingent beneficiaries, meaning what if you're

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alive, you receive the IRA.
If you're not, it goes to your

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children. When your parent dies and
you're looking at making application to receive the

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proceeds, a question is what do
you intend to do with them? Do

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you need the benefits yourself? If
not, perhaps it would make more sense

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then to reject the IRA, to
disclaim the IRA so that it will go

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directly to your children, assuming that's
where you would want it to go,

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and they are most likely in a
lower tax bracket. So again there can

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be an income tax savings from rejecting
the IRA and the result of that having

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the IRA go to somebody in a
lower tax bracket. So oftentimes it can

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be a smart tax move. That's
number one. A second reason to reject

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an inheritance is perhaps the property that
you are getting isn't worth the liability or

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the hassle that you're going to have. In particular, we're normally talking about

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real estate. Maybe there's real estate
and you're the beneficiary of a trust and

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you're supposed to receive the real estate. Maybe you're receiving the real estate by

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virtue of a ladybird deedon. We've
had other episodes where we talk about that.

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Well, you've got to look at
that and if you're going to receive

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real estate that you can't sell.
Perfect example, time shares. Many people

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have time shares out there. Many
people want to get rid of their time

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shares and have problems getting rid of
them. Perhaps you're receiving that timeshare,

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or perhaps you're receiving other real estate
that now you have taxes that you have

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to pay. Maybe you have maintenance
if there's buildings on it, and you

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have utilities. If you're not going
to be able to sell it and you

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don't plan on staying in it,
it might not be worth the liability or

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the hassle in that case for you
to receive it only to have it cost

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you money, only to not be
able to get rid of it. And

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you might have been better off in
that case to look, I just don't

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want it. I just don't want
it, and I'm not going to deal

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with it. Another example, though, is what if the property this again

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real estate, has environmental issues with
it. Maybe it has some underground storage

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tanks on it. Maybe it's farm
home and there's some underground storage tanks or

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whatever it happens to. You've got
to look at that now about the environmental

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liabilities that go along with that.
And there can be all kinds of issues

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with environmental liabilities related to real estate
today, not just underground storage tanks,

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but there's all kinds of them,
and so you might be better off if

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there's significant environmental problems. You don't
want to take on that liability. There's

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another reason to say no, I
don't want to receive that inheritance Number three.

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If you receive it, you're simply
going to trigger a tremendous amount of

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family drama. Most clients and parents
want to have family harmony at the time

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of the death. Parents and putting
together estate plan want their children to get

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along. Children who are receiving an
estate normally want to get along with their

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siblings. But sometimes the nature of
the asset that you are about to receive

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is going to potentially cause more problem. And let's just use one example.

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Vacation homes. A lot of vacation
homes in the state of Michigan, and

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maybe it's a vacation home that's been
in the family for a very long time.

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And now that vacation home is supposed
to go to you and your siblings,

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but you and all of your siblings
don't get along. Now you're going

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to own a vacation home together.
Now you have to manage that home together,

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but we already know that you don't
get along with some of the siblings.

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Sometimes the better arrangement is to simply
say, hey, I don't want

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an interest in the vacation home,
or maybe the estate plan that's not vacation

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home but it has other family home
doesn't have to be a vacation home,

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but just real estate. In general, and the plan is per maybe a

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deed that was prepared you're going to
jointly own it with your siblings and you

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don't get along with them, or
per a trust where it's supposed to be

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distributed out to you. So there
are a number of scenarios where you might

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decide, you know what, the
family conflict that is going to develop here

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isn't worth it. And it might
not be family conflict with your siblings.

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It might be family conflict with spouses
or significant others of your siblings. So

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sometimes sometimes rejecting the inheritance is one
way to try and avoid family conflict.

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Now which it might be able to
work out these are all the things that

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have to be done at that time. It might be that there are other

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assets that you can work out with
the trustee or the personal representative or whoever

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sat on the estate, where you'll
say, I will reject this asset in

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return for receiving this asset. So
there might be some negotiation options that might

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be available at that time as well. Number four. You know, let's

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say you're on the brink of bankruptcy
and if you receive the inheritance, the

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inheritance won't wipe away your debts,
you're still going to have additional creditors.

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And now if you receive an inheritance, all you're really doing is paying your

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creditors. Everything that you receive or
the bulk of what you receive is simply

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going to go to your creditors.
You might look at that and say,

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why would I do that? If
I reject the inheritance, and maybe now

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it's going to go to other siblings, or maybe my share might be going

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to my children. I mean,
there's all kinds of scenarios depending upon what's

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going to happen, and that's always
something that you have to look at too.

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If I reject the inheritance, if
I disclaim this asset, what's going

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to happen to it? But maybe
in that case, you're going to look

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and say, if I receive it, it's going to go to my creditors.

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If I reject it, it's going
to go to somebody other than my

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creditors. That might be a reason
because you don't have to accept it.

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Your creditors can't force you generally to
accept it. Although this keep in mind,

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it has to be done before you
take it. You can't receive it

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and then say, oh, I'm
going to reject it, but there might

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be a benefit by not taking the
asset so that you don't have to pay

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your creditors. Now, something something
to think about. Certainly, if you're

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in that situation and maybe it's mom
and dad that are preparing their estate plan

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for you, maybe maybe you could
have a discussion with them in which they

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would decide as part of their estate
plan, rather than to leave your inheritance

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outright to you, which would put
you in the position of considering having to

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reject it, maybe they would set
up a trust and inside their trust they

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would hold on to what you would
otherwise receive and have it paid out to

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you on some sort of schedule over
time, rather than a lump sum that

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would have to go to your creditors. So sometimes when you're in that situation,

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talking to a loved one's about their
estate plan might be an appropriate discussion

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that you have one other thing to
think about too, if you're already in

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bankruptcy. And disclaimer, we don't
do bankruptcies, but if you're already in

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bankruptcy and you disclaim property and you
don't disclose it in the bankruptcy, I'm

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pretty sure the bankruptcy trustee is be
able to go after that property even though

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you had disclaimed it because you committed
improprieties relative to the bankruptcy proceding itself.

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Number five, Maybe maybe if you
receive the inheritance, you will then now

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or at a later date, be
disqualified from receiving government benefits such as Medicaid.

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As you likely know Medicaid, there
are limitations on what you can own

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and still qualify for Medicaid. So
perhaps you haven't filed for Medicaid. Perhaps

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you're in a position you don't think
you're going to have to file for Medicaid,

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but you're looking at it and saying, well, jeez, if I

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receive this inheritance, then clearly I
will have more in assets than I can

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have, and if I did then
apply for Medicaid, it might disqualify me.

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So there again can be a decision
that you're making that says, I

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don't want to receive those assets because
I don't want my estate to simply be

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bigger, because if my estate is
larger, I won't be able to qualify

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for Medicaid. And again, looking
at where the assets going to go if

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you disclaim them, maybe they're going
to go to your kids, And so

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you're making a choice, do I
want to receive the assets only to disqualify

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myself for Medicaid? Or do I
want to disclaim the assets and have those

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assets go to my children in that
example, so that I still techt my

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qualification for Medicaid and the assets now
go to my children and don't have to

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be spent on long term care.
If that becomes a possibility, it gets

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tricky. So you want to make
sure that you're consulting with a lawyer to

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determine whether disclaiming will be successful and
who you have to notify. And most

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of time this is going to happen
where you're on Medicaid already and now you

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are notified that a loved one has
died, and now you're looking at receiving

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an asset. You might not be
able to refuse receiving that asset. You

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might have to receive it and you
might have to spend it down And number

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six, maybe maybe it's simply the
right thing to do. Perhaps your parents

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put together their estate plan and they
wanted to provide for their children equally,

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and that's what their estate plan does. Maybe you've got let's say, in

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my family seven children in the family, so I have six siblings. Parents

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wanted to treat everybody equally. But
perhaps when your parent dies, you are

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very successful, but you have a
sibling or siblings who are struggling. Maybe

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if you disclaimed, and if as
a result of your disclaiming or refusing the

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inheritance that ends up increasing the amount
of the estate that would go to your

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sibling who's struggling, then maybe maybe
it would just be the right thing to

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do. You would be helping out
your sibling. Now alternatively, you might

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look and say, well, why
don't I just take the inheritance and turned

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around give it to my siblings,
And now you're going to have to have

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a whole conversation potential gift tax for
yourself, stepped up basis and value of

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assets, all these other factors that
are going to have to be considered in

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looking out what you're doing. But
the idea could be that you're simply look

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back and saying it's not that I
don't want it, but I can help

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out a sibling in that case by
doing something else, or maybe a child,

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Maybe the child is the alternate,
the contingent beneficiary to you and maybe

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your child is struggling. You simply
say, look, I don't really need

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it, we don't really need it, and perhaps disclaim it, reject the

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assets so that it would then go
to the children. Now, there can

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be many, many more reasons to
reject inherence, but these again are the

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common ones. It might be a
tax smart tax move. The property is

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not worth the hassle. You don't
want to trigger family DRAMLA, you don't

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want to have to use it to
pay your creditors, you want to maintain

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your qualification for government benefits. Or
perhaps it is simply the right thing to

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do. Tuesday with Tom has been
brought to you by the estate planning attorneys

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00:23:25.480 --> 00:23:29.839
at Doyle Law PC. To learn
how we can help you with your estate

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00:23:29.880 --> 00:23:33.480
plan or with settling a loved ones
estate, please call us today at five

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00:23:33.559 --> 00:23:38.160
one seven three two three seven three
six six. That's five one seven three

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00:23:38.240 --> 00:23:41.200
two three seven three six six