Montana Code Annotated
Part 2. Elective Share of Surviving Spouse
72-2-238. Exclusions, valuation, and overlapping application

72-2-238. Exclusions, valuation, and overlapping application. (1) The value of any property is excluded from the decedent's nonprobate transfers to others:
(a) to the extent the decedent received adequate and full consideration in money or money's worth for a transfer of the property;
(b) if the property was transferred with the written joinder of, or if the transfer was consented to in writing before or after the transfer by, the surviving spouse; or
(c) if the property is life insurance or accident insurance payable to persons other than the decedent's surviving spouse or the decedent's estate.
(2) The value of property:
(a) included in the augmented estate under 72-2-235, 72-2-236, or 72-2-237 is reduced in each category by enforceable claims against the included property; and
(b) 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. The commuted value of life and term interests in income, annuity, or unitrust amount must be determined in accordance with U.S. treasury regulations for internal revenue purposes in effect at the time of the decedent's death.
(3) In case of overlapping application to the same property of 72-2-235, 72-2-236, or 72-2-237, the property is included in the augmented estate under the provision yielding the greatest value, and under only one overlapping provision if they all yield the same value.
History: En. Sec. 20, Ch. 313, L. 2019.

Structure Montana Code Annotated