If i disclaim property into a disclaimer trust ..can i sell the property out of the trust at a later date for my benefit??

If you disclaimed your interest then you have no interest in the property. Qualified disclaimers treat you as deceased. So you will get nothing from the disclaimer trust if it holds only the 40% that you disclaimed. Hope this helps. If you think this post was helpful, please check the thumbs up (helpful) tab below and/or designate my answer as best answer. Thanks. LEGAL DISCLAIMER Mr. Fromm is licensed to practice law in PA with offices in Philadelphia and Montgomery Counties. He is uuthorized to handle IRS matters throughout the United States.His phone number is 215-735-2336 or his email address is [email protected] , his website is www.sjfpc.com. and his blog is Mr. Fromm is ethically required to state that the response herein is not legal advice and does not create an attorney/ client relationship. Also, there are no recognized legal specialties under Pennsylvania law. Any references to a trust, estate or tax lawyer refer only to the fact that Mr. Fromm limits his practice to these areas of the law. These responses are only in the form of legal education and are intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction, who is familiar with your specific facts and all of the circumstances and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question. Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency. [email protected] , website is www.sjfpc.com. blog is

The answer is "it depends." Assuming you disclaimed the assets into the trust as a individual beneficiary (within nine months of the death by a Qualified Disclaimer), the trust is now irrevocable, you are the Trustee and the Beneficiary of the trust, and the trust instrument does not prevent you from selling the assets, then you theoretically should be able to sell the assets within the trust in your capacity as a Trustee and administer those assets pursuant to the terms of the trust for your benefit as the Beneficiary of said trust. Nevertheless, you should speak to a qualified estate planning and tax attorney in your jurisdiction to review the specifics of your case.

The situation may not be as black and white as the prior answer seems to suggest. It really depends on the terms of the trust to which the assets were disclaimed. You appear to indicate that your disclaimer of property may have funded a second trust, which appears to have been a disclaimer marital trust. While the usual rule is that once you disclaim property you have no further interest in the property (i.e., you are treated as having been deceased), that may not be the ULTIMATE result if the property passes to a marital trust of which you are the beneficiary. Moreover, it may be possible to legally terminate the marital trust. My best advice is to hire a local estate planning attorney to review this issue with you. I would recommend: Amy E. Bilyeu Attorney at Law Cavanaugh Levy Bilyeu LLP Suite 650 888 SW 5th Ave Portland, OR 97204 P: 503-445-4299 F: 503-226-9980 [email protected]

As you can see from the above variations of answers. What you really need to do is to consult with a qualified estate planning and trust attorney. Isn't it worth paying an expert for their advice in order to avoid paying perhaps tens of thousands of dollars in taxes? I have a situation right now where two of four beneficiaries of a trust disclaimed, and the assets were distributed to thier children, based on the telephone advice they received. The disclaimer was improper. I don't know how they're going to report that to the IRS, or if they're going to ask for the mone back from the kids. Someone spent a lot of money setting up this trust. It would be a shame to waste that investment.