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Senate Bill 0066


Senate Bill 0066

ARCHIVE (2010)

Latest Information

 

DIGEST OF INTRODUCED BILL


Estate administration. Provides that a spouse, widow, or widower of a child or stepchild of a transferor is a Class B transferee rather than a Class C transferee. Increases the amount of a transfer to a Class B transferee that is exempt from the inheritance tax from $500 to $50,000. Increases the amount of a transfer to a Class C transferee that is exempt from the inheritance tax from $100 to $25,000. Specifies the requirements of an affidavit used to state that no inheritance tax is due after applying statutory exemptions to each transferee receiving property as a result of the decedent's death. Requires that inheritance tax returns include all taxable transfers known to the person filing the return. Makes various changes to statutes concerning the following: (1) The transfer on death of motor vehicles and watercraft. (2) Probate notice requirements. (3) Protected persons. (4) Funeral declarations. (5) Attorneys in fact. (6) Nonprobate transferees. (7) The transfer on death act. (8) Disclaiming interests in property. (The introduced version of this bill was prepared by the probate code study commission.)
    Current Status:
     In Committee - first House
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