Is your estate plan ready to change with the times? Qualified disclaimers add flexibility
Abstract: No matter how carefully people may try to plan their estate, changing circumstances can quickly derail their efforts. Federal or state tax laws may be amended; net worth may go up (or down); marriage, divorce or children may complicate matters; or children’s needs may change. But it’s possible to build some flexibility into a plan by preparing for the use of qualified disclaimers. This article explains what a qualified disclaimer is and the many benefits it can provide. They do have some disadvantages, though, as explained in a sidebar.