(a) The value of property is excluded from the decedent‘s nonprobate transfers to others

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Terms Used In Alaska Statutes 13.12.208

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • Decedent: A deceased person.
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • writing: includes printing. See Alaska Statutes 01.10.060
(1) to the extent the decedent received adequate and full consideration in money or money’s worth for a transfer of the property; or
(2) if the property was transferred with the written joinder of, or if the transfer was consented to in writing by, the surviving spouse.
(b) The value of property

(1) included in the augmented estate under Alaska Stat. § 13.12.205, 13.12.206, or 13.12.207 is reduced in each category by enforceable claims against the included property; and
(2) includes the commuted value of any present or future interest and the commuted value of amounts payable under a trust, life insurance settlement option, annuity contract, public or private pension, disability compensation, death benefit or retirement plan, or any similar arrangement, exclusive of 42 U.S.C. § 301 – 1397f (Social Security Act).
(c) In case of overlapping application to the same property of the provisions of Alaska Stat. § 13.12.205, 13.12.206, or 13.12.207, the property is included in the augmented estate under the provision yielding the greatest value, and under only one overlapping provision if all of the overlapping provisions yield the same value.
(d) Notwithstanding the other provisions of this section, the value of community property under Alaska Stat. Chapter 34.77 is not included in the augmented estate.
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