§ 53-4-17 - (Pre-1998 Probate Code) Distribution of assets in kind at values determined by reference to federal estate tax valuation - Georgia Statutes

State Codes and Statutes

Statutes > Georgia > Title-53 > Chapter-4 > Article-1 > 53-4-17

O.C.G.A. 53-4-17 (2010)
53-4-17. (Pre-1998 Probate Code) Distribution of assets in kind at values determined by reference to federal estate tax valuation

(a) As used in this Code section, the term "marital deduction bequest or transfer" means a bequest or transfer of assets, including cash, for one which qualifies for the federal estate tax marital deduction.

(b) Where a will or trust agreement authorizes or requires an executor, administrator, or trustee to satisfy a pecuniary marital deduction bequest or transfer wholly or partly by a distribution of assets in kind at values which are finally determined for federal estate tax purposes or at values which are determined by reference to such federal estate tax valuation, the executor, administrator, or trustee, in satisfaction of the pecuniary marital deduction bequest or transfer, shall distribute assets, including cash, which will have an aggregate fair market value fairly representative of the distributee's proportionate share of the appreciation or depreciation, from the date or dates of federal estate tax valuation to the date or dates of distribution, in the value of all property thus available for distribution in satisfaction of the pecuniary marital deduction bequest or transfer. This subsection shall not apply to any will or trust agreement except as provided herein.

(c) This Code section shall apply to the estates of decedents dying after April 18, 1967, to trusts created after April 18, 1967, and to trusts, whenever created, which are revocable after April 18, 1967, but shall not apply where otherwise expressly provided in the will or trust instrument.

(d) It is intended by the enactment of this Code section to clarify law existing on April 18, 1967, relating to the subject matter. The passage of this Code section shall not imply that the law is otherwise than herein provided.

State Codes and Statutes

Statutes > Georgia > Title-53 > Chapter-4 > Article-1 > 53-4-17

O.C.G.A. 53-4-17 (2010)
53-4-17. (Pre-1998 Probate Code) Distribution of assets in kind at values determined by reference to federal estate tax valuation

(a) As used in this Code section, the term "marital deduction bequest or transfer" means a bequest or transfer of assets, including cash, for one which qualifies for the federal estate tax marital deduction.

(b) Where a will or trust agreement authorizes or requires an executor, administrator, or trustee to satisfy a pecuniary marital deduction bequest or transfer wholly or partly by a distribution of assets in kind at values which are finally determined for federal estate tax purposes or at values which are determined by reference to such federal estate tax valuation, the executor, administrator, or trustee, in satisfaction of the pecuniary marital deduction bequest or transfer, shall distribute assets, including cash, which will have an aggregate fair market value fairly representative of the distributee's proportionate share of the appreciation or depreciation, from the date or dates of federal estate tax valuation to the date or dates of distribution, in the value of all property thus available for distribution in satisfaction of the pecuniary marital deduction bequest or transfer. This subsection shall not apply to any will or trust agreement except as provided herein.

(c) This Code section shall apply to the estates of decedents dying after April 18, 1967, to trusts created after April 18, 1967, and to trusts, whenever created, which are revocable after April 18, 1967, but shall not apply where otherwise expressly provided in the will or trust instrument.

(d) It is intended by the enactment of this Code section to clarify law existing on April 18, 1967, relating to the subject matter. The passage of this Code section shall not imply that the law is otherwise than herein provided.

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State Codes and Statutes

Statutes > Georgia > Title-53 > Chapter-4 > Article-1 > 53-4-17

O.C.G.A. 53-4-17 (2010)
53-4-17. (Pre-1998 Probate Code) Distribution of assets in kind at values determined by reference to federal estate tax valuation

(a) As used in this Code section, the term "marital deduction bequest or transfer" means a bequest or transfer of assets, including cash, for one which qualifies for the federal estate tax marital deduction.

(b) Where a will or trust agreement authorizes or requires an executor, administrator, or trustee to satisfy a pecuniary marital deduction bequest or transfer wholly or partly by a distribution of assets in kind at values which are finally determined for federal estate tax purposes or at values which are determined by reference to such federal estate tax valuation, the executor, administrator, or trustee, in satisfaction of the pecuniary marital deduction bequest or transfer, shall distribute assets, including cash, which will have an aggregate fair market value fairly representative of the distributee's proportionate share of the appreciation or depreciation, from the date or dates of federal estate tax valuation to the date or dates of distribution, in the value of all property thus available for distribution in satisfaction of the pecuniary marital deduction bequest or transfer. This subsection shall not apply to any will or trust agreement except as provided herein.

(c) This Code section shall apply to the estates of decedents dying after April 18, 1967, to trusts created after April 18, 1967, and to trusts, whenever created, which are revocable after April 18, 1967, but shall not apply where otherwise expressly provided in the will or trust instrument.

(d) It is intended by the enactment of this Code section to clarify law existing on April 18, 1967, relating to the subject matter. The passage of this Code section shall not imply that the law is otherwise than herein provided.