- 20 -
disclaimant. In the case at hand, if an effective disclaimer had
occurred, the interests in property disclaimed by the decedent
would have passed to the Family Residuary Trust created by Mrs.
Chamberlain's will. Section 25.2518-2(e)(2), Gift Tax Regs.,
provides that, if a surviving spouse disclaims, the survivor's
retention of a right to beneficial enjoyment thereof will cause
the survivor to be treated as directing its beneficial enjoyment
unless such right is limited by an ascertainable standard.
Decedent's beneficial enjoyment of the Family Residuary Trust was
limited to an income interest and the Support Power; both are
ascertainable standards. See sec. 25.2518-2(e)(2), (5) Example
(6), Gift Tax Regs. Thus, decedent's beneficial interests in the
Family Residuary Trust would not have invalidated an otherwise
valid disclaimer under section 2518, had one been made.
C. There Is No Written Instrument Containing an
Irrevocable and Unqualified Refusal of an Interest in
Property
"In general, a disclaimer (or renunciation) is a refusal to
accept the ownership of property or rights with respect to
property." H. Rept. 94-1380, 65 (1976), 1976-3 C.B. (Vol. 3)
735, 799. A "'qualified disclaimer' means an irrevocable and
unqualified refusal to accept an interest in property that
satisfies four conditions", including the condition that "the
refusal must be in writing." Id. at 67, 1976-3 C.B. at 801.
Page: Previous 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 NextLast modified: May 25, 2011