Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Guidelines for Disclaiming Inheritance in Camden County, NJ

Posted on Mon Feb 16, 2015, on Estate Planning

From our “Ask a Question” Mailbag: Disclaiming Inheritance in Camden County, New Jersey

Most Recently Updated July 9, 2018.

“My father, a Camden County, New Jersey resident, is planning to leave me an inheritance in his Will. I have substantial creditor problems. If my father dies, can I disclaim my inheritance so it passes to my children?”

Disclaiming Inheritance in Camden County, New Jersey

Disclaiming Inheritance in Camden County, New Jersey

In New Jersey, a disclaimer is an heir’s legal refusal to accept a gift or a bequest. In other words, you can’t force someone to accept a gift. If a Will names someone an heir or if a life insurance policy names a beneficiary, that heir or beneficiary cannot be “forced” to accept the gift.

If the heir or beneficiary legally and properly refuses the gift, it is called a “disclaimer.”

Can I disclaim to avoid creditors?

No. An heir or beneficiary cannot use a disclaimer to avoid existing creditors. I would have to know your exact circumstances, but it sounds as if your creditors would be able to properly claim your disclaimer was fraud under the Uniform Fraudulent Transfer Act.

Other Options

Your father does have other options to shelter the gift. New Jersey allows for him to set up a protective trust for your benefit so the assets are held for your benefit but are not available to your creditors.

He could also name your children as the beneficiaries of the estate so your creditors would have no claims.

These decisions are up to your father, but, if he consults with an experienced Camden County Estate Planning Attorney, he will find that he has many options available so he can benefit his child or grandchildren and avoid the gift from passing to your creditors.

More Planning Questions?

How to disclaim an inheritance is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Disclaiming Inheritance in Camden County, New Jersey

I hope that this article was helpful in explaining disclaimers of inheritance. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

Estate Planning Attorney, Kelly Barse

Tags:

Camden County, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Inheritance, New Jersey

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Christopher F.

Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!

Klenk Law Logo
Stars

Elizabeth Ray

Peter and his associates were a pleasure to work with. He explained the process clearly and provided assistance nearly instantaneously. Highly recommended for trusts-and-estates-related needs!

Klenk Law Logo
Stars

Sean Quinn

Great firm. Great people. Happy to refer folks in need to estate planning to Peter and his team. They do great work.

Klenk Law Logo
Stars

Tom Mettinger Sr.

Integrity, exceeding the client's expectations. In-depth knowledge of the law

Klenk Law Logo
Stars

Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.

Let us put our expertise to work for you.

Free consultation within 24 hours.