Parman & Easterday

Premier Business, Estate
and Elder Law Attorneys

Call Now: (405) 843-6100
(913) 385-9400

Attend a Seminar
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • What Our Clients Say
  • Estate Planning
    • Asset Protection
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • IRA and Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Powers of Attorney
    • Probate
    • Special Needs Planning
    • Trust Administration and Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law
    • Emergency Medicaid
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Edmond Elder Law
        • Oklahoma City Elder Law
        • Overland Park Elder Law
    • Estate Planning
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Frequently Asked Elder Law Questions
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning Frequently Asked Questions
      • Trust Administration & Probate Frequently Asked Questions
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • Probate Checklist
      • Probate Resources
        • Moore Probate
        • Oklahoma City Probate
        • Overland Park Probate
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Published Books
  • Communities We Serve
    • Kansas
      • Johnson County
        • Fairway, KS
        • Mission, KS
        • Overland Park, KS
        • Shawnee, KS
      • Wyandotte County
    • Oklahoma
      • Edmond
      • Moore
      • Norman
      • Oklahoma City
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us

Can I Reject an Inheritance Someone Left Me?

September 17, 2019 by Courtesy of Parman and Easterday

Overland Park estate planning attorneysWhen a loved one passes away, the survivors typically say very little out loud about how the decedent’s estate assets are to be distributed. The reality, however, is that the assets of a decedent must be passed down to the beneficiaries and/or heirs of the estate pursuant to the decedent’s Will or trust or using the state’s intestate succession laws. If you recently lost someone close to you, there is a good chance that the decedent left you an inheritance. What do you do if you don’t want that inheritance? The Overland Park estate planning attorneys at Parman & Easterday explain how to reject an inheritance someone left you.

Why Would Anyone Not Want an Inheritance?

Initially, the idea that anyone would turn down an inheritance sounds pretty unlikely; however, when you stop and consider the following reasons to reject an inheritance it doesn’t sound as crazy or unlikely as it did initially.

  1. Accepting it isn’t the right thing to do. It is far from uncommon for family members to be left out of a Will or for the terms of a Will to seem unfair to the surviving family members. If you believe that someone else should receive some – or even all – of an inheritance to which you are entitled, you may decide not to accept that inheritance. It might be that the decedent never got around to making changes to a Will that you know he intended to make, causing a new wife or child to be disinherited unintentionally. A parent might have intentionally disinherited a sibling of yours and you feel that was the wrong thing to do. Whatever the circumstances that cause you to feel as though you are not entitled to the inheritance, you have a right to refuse the inheritance.
  2. The tax consequences make rejecting the inheritance a wiser option. A handful of states impose an inheritance tax. There may also be other indirect taxes associated with accepting the inheritance.  If the next person in line to receive the inheritance is your child who is in a much lower tax bracket and you plan to spend the money on her or leave it to her anyway, it may make more sense to disclaim and allow it to pass immediately.
  3. Accepting the inheritance could cause you to lose state/federal assistance. If you are dependent on assistance programs such as Medicaid, Veterans Aid and Attendance, or Supplemental Security Income (SSI), an inheritance could disqualify you for those benefits until such time as your assets fall back below the program limits once again.
  4. You don’t like the strings attached to the inheritance. Sometimes a decedent leaves a beneficiary an inheritance, but the money can only be spent on specific things or the beneficiary must fulfill certain conditions in order to receive the inheritance. If you decide the strings aren’t worth it, you can reject the inheritance.
  5. The inheritance would be lost to creditors because you are in serious debt or in bankruptcy. If you are already in serious financial trouble and the inheritance would be lost to creditors without paying off all your debt, disclaiming can make sense. Be careful, however, if you are in the middle of a bankruptcy because disclaiming an inheritance while in the process of seeking bankruptcy protection can be problematic. If the Trustee finds out, he could go after the assets anyway and you could be in trouble for not divulging the inheritance.
  6. Real property isn’t worth it. Sometimes, real property simply isn’t worth it. If the property is run-down or isn’t very valuable, the taxes and upkeep could be more than the property is worth. Environmental concerns should also be considered. If the property is contaminated or full of mold, asbestos, or lead paint, the clean up or remediation may be extremely costly – particularly if the state or federal authorities are in charge of it.

Things to Consider If You Decide to Disclaim an Inheritance

Disclaiming, or rejecting, an inheritance is not as simple as just telling the Executor “no thanks.” The law requires a written disclaimer if you wish to reject an inheritance. If you are considering rejecting an inheritance, it is in your best interest to consult with an experienced estate planning attorney to ensure you understand all the consequences and ramifications of that rejection, including:

  • The need to put your disclaimer in writing, using the correct language, and delivering it to the right person within a specific amount of time.
  • Knowing, with certainty, who will inherit if you disclaim your inheritance.
  • Knowing what action on your part could prevent you from being able to disclaim your inheritance.
  • Knowing that in some circumstances you must disclaim your entire inheritance.
  • Knowing that a disclaimer is irrevocable. Once you have disclaimed your inheritance you have no control over what happens next.

Contact Overland Park Estate Planning Attorneys

For additional information, please join us for an upcoming FREE seminar. If you have additional questions or concerns regarding an inheritance you do not want, contact the experienced Overland Park estate planning attorneys at Parman & Easterday by calling 405-843-6100 or 913-385-9400 to schedule your appointment today.

  • Author
  • Recent Posts

Courtesy of Parman and Easterday

Latest posts by Courtesy of Parman and Easterday (see all)

  • The Questions of Estate Planning, Part 2 - December 4, 2019
  • The Questions of Estate Planning, Part I: Who - November 27, 2019
  • Planning for Special Needs Children - November 20, 2019

Filed Under: Estate Planning, Inheritance Planning

Other Articles You May Find Useful

The Questions of Estate Planning, Part 2
Planning to Enjoy Thanksgiving
The Questions of Estate Planning, Part I: Who
Planning for Special Needs Children
Planning for Education Expenses
Overland Park estate planning attorney
Baby Boomers – It’s Time to Update Your Estate Plan

Download our free estate planning checklist

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

 

Subscribe to Our Blog

Upcoming Seminars

  • Wills, Trusts & Long-Term Health Care Planning: Discover How to Protect Your Income and Nest Egg and Provide for Your Loved Ones
    • Shawnee
    • The Regency Skilled Nursing & Therapy
    • Thursday, December 12, 2019
See all seminars

Follow Us

  • Facebook
  • Twitter
  • YouTube

Where We Are

OKLAHOMA CITY, OK
13913 Quail Pointe Drive, Suite B
Oklahoma City, OK 73134
Phone: (405) 843-6100
Fax: (405) 917-7018
parman_sidbr_map

Where We Are

OVERLAND PARK, KS
10740 Nall Avenue, Suite 160
Overland Park, KS 66211
Phone: (913) 385-9400
Fax: (913) 385-9422
parman_sidbr1_map

Office Hours

Monday9:00 AM - 5:30 PM
Tuesday9:00 AM - 5:30 PM
Wednesday9:00 AM - 5:30 PM
Thursday9:00 AM - 5:30 PM
Friday9:00 AM - 5:30 PM
footer-logo

The information on this Oklahoma Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys


© 2019 American Academy of Estate Planning Attorneys, Inc.
  • Facebook
  • Twitter
  • YouTube