You and I submitted posts at the same time.
Your interpretation makes sense to me. In my layman terms -- If you fail to take advantage of the Qualified Disclaimer, the property becomes yours and if you elect to surrender it, you do so as a gift. Fortunately, the state allows you to surrender the property by leaving it in the Will so that you do not have to file a Quit Claim Deed.
One additional question I have is whether a married couple could take advantage of a $30k exclusion for the inherited property. I would guess only a $15k exclusion would be available since only one person of the two actually inherited the property.
Thank you for helping with my understanding of this.
