California Probate Code 21525 – (a) If an instrument that makes a marital deduction gift …
(a) If an instrument that makes a marital deduction gift includes a condition that the transferor‘s spouse survive the transferor by a period that exceeds or may exceed six months, other than a condition described in subdivision (b), the condition shall be limited to six months as applied to the marital deduction gift.
(b) If an instrument that makes a marital deduction gift includes a condition that the transferor’s spouse survive a common disaster that results in the death of the transferor, the condition shall be limited to the time of the final audit of the federal estate tax return for the transferor’s estate, if any, as applied to the marital deduction gift.
Terms Used In California Probate Code 21525
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Common disaster: A sudden and extraordinary misfortune that brings about the simultaneous or near-simultaneous deaths of two or more associated persons, such as husband and wife.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Instrument: means a will, a document establishing or modifying a trust, a deed, or any other writing that designates a beneficiary or makes a donative transfer of property. See California Probate Code 45
- Marital deduction: means the federal estate tax deduction allowed for transfers under Section 2056 of the Internal Revenue Code or the federal gift tax deduction allowed for transfers under Section 2523 of the Internal Revenue Code. See California Probate Code 21520
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- Marital deduction gift: means a transfer of property that is intended to qualify for the marital deduction. See California Probate Code 21520
- Spouse: includes domestic partner, as defined in Section 37 of this code, as required by §. See California Probate Code 72
- Transferor: means the testator, settlor, grantor, owner, or other person who executes an instrument. See California Probate Code 81
(c) The amendment of subdivision (a) made by Chapter 113 of the Statutes of 1988 is declaratory of, and not a change in, either existing law or former Section 1036 (repealed by Chapter 923 of the Statutes of 1987).
(Enacted by Stats. 1990, Ch. 79.)