subsidiary problems

Question 1

In UPC states (and some non-UPC) what needs to be shown to prove that a gift was meant as an advancement to someones share

Answer 1

1. it was declared as such in writing by the donor
2. it was acknowledged as such by the heir

Question 2

how is estate divison calculated when there is an advancement

Answer 2

add it back to estate just to calculate

Question 3

in states where heir needs to survive dead person, needs to survive for how long

Answer 3

120 hours aka UPC-120 hour rule

Question 4

why disclaim

Answer 4

no one is required to accept an inheritance or gift

1. burdensome - ie land contains a toxic waste dump
2. tax - disclaimed property not subject to gift tax
3. avoid creditors - disclaimed property cannot be reached by creditors

Question 5

requirements for disclaimer

Answer 5

for disclaimer to be effective

1. be in writing
2. irrevocable
3. filed within 9 mo of dead person’s death or by beneficiary’s 21st bday