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The Truth About Personal Finance (Collection) by Kay S. Bell, Steve Weisman

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Truth 15. Disclaimers

Perhaps Nancy Reagan was right when she proclaimed, “Just say no.” She was talking about staying away from drugs, but her advice is just as valuable when it refers to the ability to use the financial and estate-planning tool known as a disclaimer.

A Disclaimer is a written refusal to accept assets that you become entitled to. It can, for instance, apply to the beneficiary of a life insurance policy, a bequest in a will, or even inheritance of a 401(k) or IRA. When you disclaim what you would receive as the designated beneficiary of a 401(k) or an IRA, the 401(k) or IRA then passes to the beneficiary designated next on the beneficiary designation form of the owner of the 401(k) or IRA.

The beauty of a Disclaimer ...

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