Although an inheritance of money, property, or other assets is often a welcome gift for the recipient, there are circumstances in which a person may want to disclaim a gift from another person's estate.
For example, a person whose own estate may already be at or near the limit of the federal estate tax exemption may choose to disclaim an inheritance for tax purposes. Disclaimers may also be used to take advantage of martial deductions or to prevent a beneficiary's creditors from making a claim on property that he or she inherited.
So how do you legally disclaim a gift or bequest made by another person' estate? Here's a general overview: