It is Possible to Disclaim a Gift

Recently, NJ.com published an article giving advice to a women who did not want to accept a timeshare that her parents were planning on leaving her after their passing. The article discusses the steps a person can take to decline a gift. By following the Internal Revenue Code and state law you can file a ‘disclaimer’ to a gift that you are not interested in receiving.

A disclaimer will only be effective if it meets the necessary requirements. The requirements may vary depending on where the property being disclaimed is located. A disclaimer is irrevocable. Usually, it describes the property being declined in a signed writing. Another characteristic of a disclaimer is that the person who is declining the property cannot accept any benefits from the property being disclaimed. There is also a time limit. Typically, a party should file a disclaimer no later than nine months after the person leaving the gift’s death. Last, a person disclaiming property might want to check that she will not receive the gift through another route. The property being disclaimed may revert to the deceased’s estate so it is possible to disclaim the same gift twice.

See Karin Price, Getting Rid of an Unwanted Timeshare Inheritance, NJ.com, Feb. 17, 2013.