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helpmeugh · Jan 11, 2006, 08:55 PM

:confused: When my friends husband died in January 2003, his will provided for the establishment of a QTIP trust. She was named to receive income from the trust for her lifetime with their children named as remainder beneficiaries. She has substantial other assets and income sources and does not believe that the QTIP trust is necessary and prefers that the assets of the trust pass directly to their children instead. Is it possible for her to disclaim or renouce her interest in the trust? Would this renunciation result in the trust assets passing on to the children from the estate? What would be the impact of the disclaimer on the martial deduction allowable to his estate?
:eek:

AtlantaTaxExpert · Jan 12, 2006, 08:44 AM

Helpmeugh:

This is an exceptionally complex estate tax question. Though I am both a tax professional and a financial planner, my estate expertise is limited. Any attempt to address your questions without a lot of additional data would be irresponsible. There are so many variables involved that it is virtually impossible to adequately address them all on this forum.

You should contact an estate attorney who has access to both an estate tax professional and a financial planner to make sure all aspects of this problem is properly reviewed and considered.