59-6a208. Exclusions, valuation and overlapping application. - Kansas Statutes

59-6a208

Chapter 59.--PROBATE CODE Article 6a.--ELECTIVE SHARE OF SURVIVING SPOUSE

      59-6a208.   Exclusions, valuation and overlapping application.(a)   The value of any property is excluded from the decedent'snonprobatetransfers to others (1) to the extent the decedent received adequate and fullconsideration in money or money's worth for a transfer of the property or (2)if the propertywas transferred with the written joinder of, or if the transfer was consentedto in writing by, the surviving spouse.

      (b)   The value of property:

      (1)   Included in the augmented estate under K.S.A. 59-6a205, 59-6a206 or59-6a207 is reduced ineach category by enforceable demands against the included property; and

      (2)   includes the commuted value of any present orfuture interest and the commuted value of amounts payable under any trust, lifeinsurance settlement option, annuity contract, public or private pension,disability compensation, death benefit or retirement plan, or any similararrangement, exclusive of the federal social security system.

      (c)   In case of overlapping application to the same property of thesubparagraphs or sub-subparagraphs of K.S.A. 59-6a205, 59-6a206 or 59-6a207,the propertyis included in the augmented estate under the provision yielding the greatestvalue, but under only one overlapping provision if they all yield the samevalue.

      History:   L. 1994, ch. 132, § 8; Jan. 1, 1995.