Source: https://www.richmondsunlight.com/bill/2018/hb754/fulltext/
Timestamp: 2020-08-04 11:57:06
Document Index: 130888864

Matched Legal Cases: ['§ 64', '§ 64', '§ 64', '§ 55', '§ 55', '§ 64', '§ 64']

HB754ER
VIRGINIA ACTS OF ASSEMBLY -- CHAPTER An Act to amend and reenact §§ 64.2-308.9 and 64.2-308.10 of the Code of Virginia, relating to elective share claim; calculation of the augmented estate. [H 754] Approved
1. That §§ 64.2-308.9 and 64.2-308.10 of the Code of Virginia are amended and reenacted as follows:
B. 1. The value of any property otherwise included under § 64.2-308.5 or, 64.2-308.6, or 64.2-308.7, and its income or proceeds, is excluded from the decedent's net probate estate and, decedent's non-probate transfers to others, and decedent's non-probate transfers to the surviving spouse to the extent that such property was transferred to or for the benefit of the decedent, before or during the marriage to the surviving spouse, by gift, will, transfer in trust, intestate succession, or any other method or form of transfer to the extent that it was (i) transferred without full consideration in money or money's worth from a person other than the surviving spouse and (ii) maintained by the decedent as separate property.
C. 1. The value of property:
2. Includes the commuted value of any present or future interest and the commuted value of amounts payable under any trust, life insurance settlement option, annuity contract, public or private pension, disability compensation, death benefit or retirement plan, or any similar arrangement, exclusive of the federal social security system. Except as provided herein for interests passing to a surviving spouse, life estates and remainder interests are valued in the manner prescribed in Article 2 (§ 55- 269.1 et seq.) of Chapter 15 of Title 55 and deferred payments and estates for years are discounted to present value using the interest rate specified in § 55-269.1. In valuing partial and contingent interests passing to the surviving spouse, and beneficial interests in trust, the following special rules apply:
1. The value of property Amounts excluded from the augmented estate under subsection A subdivision B 1 of § 64.2-308.9, which passes or has that passed to the surviving spouse and amounts that passed to the surviving spouse at the decedent's death pursuant to the decedent's exercise of a power of appointment over property not included in the augmented estate;
HOUSE BILL NO. 754 Offered January 10, 2018 Prefiled January 9, 2018 A BILL to amend and reenact §§ 64.2-308.9 and 64.2-308.10 of the Code of Virginia, relating to elective share claim; calculation of the augmented estate.