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Senate Bill 0115


Senate Bill 0115

ARCHIVE (2006)

Latest Information

 

DIGEST OF INTRODUCED BILL


Probate, trust, and inheritance tax matters. Provides that a trust is entitled to certain property tax deductions for real property owned by the trust if the property is occupied by an individual who has a beneficial interest in the trust, is considered to have a life estate in the real property, and otherwise qualifies for the deduction. Removes a provision that prevents individuals who are adopted as adults after June 30, 2004, from being considered Class A transferees for purposes of the inheritance tax. Increases the Class B transferee inheritance tax exemption amount from $500 to $20,000 and the Class C transferee inheritance tax exemption amount from $100 to $10,000. Increases from $1,000 to $5,000, for purposes of inheritance tax, the maximum amount that may be deducted from the value of property interests transferred by a resident decedent for the purchase of a memorial to the decedent. Increases the maximum gross value of a probate estate that may be settled without court administration from $25,000 to $50,000. Provides that a claimant seeking payment of a debt owed to a decedent or seeking to obtain personal property or an instrument evidencing a debt, an obligation, a stock, or a chose in action belonging to the decedent must include in the affidavit that the claimant submits to the debtor or person possessing the personal property or instrument: (1) the name and address of each other person entitled to a share of the property; and (2) a statement that the claimant has notified each other person identified in the affidavit of the claimant's intention to present the affidavit. Provides that the trustee of a trust to which an interest in real property is transferred is considered the insured owner under a title insurance policy issued for the interest in real property if the transfer meets certain conditions. (The introduced version of this bill was prepared by the probate code study commission.)
    Current Status:
     In Committee - first House
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