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Senate Bill 0124


Senate Bill 0124

ARCHIVE (2007)

Latest Information

 

DIGEST OF SB124 (Updated January 8, 2007 8:26 am - DI ta)


Various probate and trust issues. 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 the maximum amount that may be deducted for purposes of inheritance tax from the value of property interests transferred by a resident decedent for the purchase of a memorial for the decedent. Increases the maximum gross value of a probate estate that may be summarily distributed and closed upon the filing of an affidavit from $25,000 to $50,000. 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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