Declining an Inheritance
Declining an inheritance is an option that you may wish to consider if you are concerned about the tax liability of your inheritance. This decision is not one to take lightly, and it requires careful consideration and planning.
Probate court
Choosing to decline an inheritance involves filing a disclaimer with the probate court. This must be done in writing and notarized. You also must swear that you have not received any benefit from the deceased’s property.
What is the benefit?
Declining an inheritance can benefit you in a number of ways. For example, you can use the money to pay off debt or invest in a college fund. Alternatively, you can invest the funds in a new business opportunity. You may even be able to stretch out distributions of inherited IRA accounts, which can be helpful for older family members.
Pitfalls
However, accepting an inheritance has its own pitfalls. You could have to pay more in taxes than you would otherwise, and you may be ineligible for government assistance programs such as Medicaid.
Contact a Financial Planner or an Estate Lawyer
If you are not sure if you should refuse an inheritance, it’s a good idea to talk to a financial planner or estate lawyer. This is especially true if you are worried that you are putting your assets at risk of being stolen.
Declining an inheritance is a difficult decision to make, but it can be a positive experience in certain circumstances. If you have children, for instance, it’s probably a good idea to give them a portion of your estate.
Free consultation from one of the best Law Firms
If you have questions, you can get a free consultation with the Best Estate Planning Lawyers.
Parklin Law – Estate Planning Lawyer
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
Parklin Law Official Website
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
When you need a Lawyer, contact this law firm:
Parklin Law
Provo, Utah
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Provo, Utah
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|---|---|
| City of Provo | |
Downtown Provo
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| Motto:
“Welcome Home”
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Location within Utah County
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 Provo
Location within Utah
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| Coordinates: 40°14′40″N 111°39′39″WCoordinates: 40°14′40″N 111°39′39″W | |
| Country |  United States |
| State |  Utah |
| County | Utah |
| Founded | 1849 |
| Incorporated | April 1850 |
| Named for | Étienne Provost[1] |
| Government
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| • Type | Strong mayor |
| • Mayor | Michelle Kaufusi (R) |
| • Council Chair | David Harding |
| Area | |
| • City | 44.19 sq mi (114.44 km2) |
| • Land | 41.69 sq mi (107.97 km2) |
| • Water | 2.50 sq mi (6.47 km2) |
| Elevation
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4,551 ft (1,387 m) |
| Population | |
| • City | 115,162 |
| • Density | 2,762.34/sq mi (1,066.61/km2) |
| • Metro
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620,000 |
| Time zone | UTC−7 (Mountain (MST)) |
| • Summer (DST) | UTC−6 (MDT) |
| ZIP Codes |
84601-84606
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| Area codes | 385, 801 |
| FIPS code | 49-62470[5] |
| GNIS ID | 1444661[6] |
| Website | www |
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Provo (/ˈproʊvoʊ/ PROH-voh) is the fourth-largest city in Utah, United States. It is 43 miles (69 km) south of Salt Lake City along the Wasatch Front. Provo is the largest city and county seat of Utah County and is home to Brigham Young University (BYU).[7]
Provo lies between the cities of Orem to the north and Springville to the south. With a population at the 2020 census of 115,162.[3] Provo is the principal city in the Provo-Orem metropolitan area, which had a population of 526,810 at the 2010 census.[8] It is Utah’s second-largest metropolitan area after Salt Lake City.
Provo is the home to Brigham Young University, a private higher education institution operated by The Church of Jesus Christ of Latter-day Saints (LDS Church). Provo also has the LDS Church’s largest Missionary Training Center (MTC). The city is a focus area for technology development in Utah, with several billion-dollar startups.[9] The city’s Peaks Ice Arena was a venue for the Salt Lake City Winter Olympics in 2002. Sundance Resort is 13 miles (21 km) northeast, up Provo Canyon.
In 2015, Forbes cited Provo among the “Best Small And Medium-Size Cities For Jobs,”[10] and the Bureau of Labor Statistics found Utah County had the year’s highest job growth.[11] In 2013, Forbes ranked Provo the No. 2 city on its list of Best Places for Business and Careers.[12] Provo was ranked first for community optimism (2012)[13] and first in health/well-being (2014).[14]
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— Macky Douglas (@DoeMacky) December 16, 2022
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