§560:2-208  Exclusions, valuation, and
overlapping application.  (a)  Exclusions:



(1)  The value of any property is excluded from the
decedent's nonprobate transfers to others:



(A)  To the extent the decedent received
adequate and full consideration in money or money's worth for a transfer of the
property; or



(B)  If the property was transferred with the
written joinder of, or if the transfer was consented to in writing by, the
surviving spouse or reciprocal beneficiary.



(2)  The augmented estate shall not include the value
of any property that either:



(A)  Is held in a trust created and funded by
any party other than the decedent, the surviving spouse, or the reciprocal
beneficiary; or



(B)  Was received by either spouse during
marriage or either reciprocal beneficiary during a reciprocal beneficiary
relationship, by gift, devise, inheritance or distribution from a trust created
and funded by any party other than the decedent, the surviving spouse, or the
reciprocal beneficiary; provided that such property was kept segregated from
property includible in the augmented estate.



(b)  Valuation.  The value of property:



(1)  Included in the augmented estate under section
560:2-205, 560:2-206, or 560:2-207 is reduced in each category by enforceable
claims against the included property; and



(2)  Includes the commuted value of any present or
future interest and the commuted value of amounts payable under any trust, life
insurance settlement option, annuity contract, public or private pension,
disability compensation, death benefit or retirement plan, or any similar
arrangement, exclusive of the federal social security system.



(c)  Overlapping application; no double
inclusion.  In case of overlapping application to the same property of the
paragraphs or subparagraphs of section 560:2-205, 560:2-206, or 560:2-207, the
property is included in the augmented estate under the provision yielding the
greatest value, and under only one overlapping provision if they all yield the
same value. [L 1996, c 288, pt of §1; am L 1997, c 383, §13]