QUALIFIED DISCLAIMER
A refusal to accept property that meets with provisions set forth in the Internal Revenue Code Tax Reform Act of 1976 allowing for the property or interest in property to be treated as an entity that has never been received. These types of refusals can be used to avoid federal estate tax and gift tax, and to create legal inter-generational transfers which avoid taxation, provided they meet the following set of requirements:
- The disclaimer must be made in writing and signed by the disclaiming party.
- The disclaimer must identify the property, or interest in property that is being disclaimed.
- The disclaimer must be delivered, in writing, to the person or entity charged with the obligation of transferring assets from the giver to the receiver(s).
- The disclaimer must be written less than nine months after the date the property was transferred. In the case of a disclaimant aged under 21, the disclaimer must be written less than nine months after the disclaimant reaches 21.
Disclaimed property is given to the "contingent beneficiary" by default.
POPULAR TERMS
Netting
Settling mutual obligations at the net value of a contract as opposed to its gross dollar value.
Lemming
An investor who follows the crowd in investing without doing any research on his/her investments. Usually, lemming results to significant losses. T ...
Transaction Deposit
Bank deposit that can be immediately withdrawn, transferred, or otherwise transacted by the depositor. Banks are required to maintain reserves on h ...
Value Fund
Value Fund refers to a stock mutual fund that holds stocks, which are believed to be undervalued in price but are likely to be capable of paying di ...
Market Order
Most common way of carrying orders; an instruction or order from a client, via broker or brokerage service, to immediately purchase or sell an inve ...
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