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Home >> Common Questions About Refusing Inheritances

Common Questions About Refusing Inheritances

January 7, 2016 by Robert Kulas. Leave a Comment

Common Questions About Refusing InheritancesEven though it is not something that most people consider, you might face a situation one day in which refusing inheritances or gifts could be in your best interest. The process of refusing inheritances is not overly difficult, but it is something that requires careful care and consideration. Knowing what effect accepting an inheritance or gift will have on you and your family is essential if you want to know whether refusing them is a good idea or not. If you are worried that accepting an inheritance might not be in your best interests, or have questions about why refusing inheritances would be, you need to speak to an attorney as soon as possible. In the meantime, here are some common questions about refusing inheritances.

Question 1. When should I refuse an inheritance?

There are a lot of potential reasons why refusing inheritances can be a good idea. One of the most common comes when people are considering filing for bankruptcy. In general, there are two types of bankruptcies that most people consider filing: Chapter 7 and Chapter 11.

In a Chapter 11 bankruptcy, you and your creditors agree to enter into a repayment plan that will allow you to repay some, or perhaps all, of your debts over the next several years. In a Chapter 7, however, you decide to liquidate your assets and use the money you obtain to pay back whatever debt you can. Those debts you are unable to pay back are effectively wiped out once you go through the bankruptcy process.

So, in a Chapter 7 bankruptcy, you effectively have to sell your property and use the money to pay back your debt. However, there is some property you get to keep, known as exempt property. For example, you can keep your home and a personal car in most bankruptcy situations.

On the other hand, non-exempt property must be used to pay back your creditors.  Inheritances you receive shortly before, or during the process of, filing for bankruptcy are considered nonexempt assets. In other words, if you receive an inheritance, you have to use it to pay back your debt.

Question 2. What happens to an inheritance or gift I refuse?

That depends on the circumstances of the inheritance, but there are some common outcomes. For example, let’s say you stand to receive an inheritance from a deceased grandparent. The grandparent died without a last will and testament, and you are receiving your inheritance because Florida probate law states that you are one of the legal heirs. If you refuse that inheritance, probate law will determine who is next in line to receive that inheritance. In most situations, the inheritances people refuse will likely go to their close relatives.

In other situations, such as where a deceased person left behind inheritances under the terms of the last will and testament, the inheritance would pass under the terms of the will.

Filed Under: inheritance planning Tagged With: inheritances

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
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August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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