Montana Code 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:
Terms Used In Montana Code 72-2-238
- 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: means real and personal property. See Montana Code 1-1-205
- 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 Montana Code 1-1-203
(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.