Section 10-40A-11 - Wills and trusts that refer to federal estate and generation-skipping transfer tax laws--Certain tax laws applicable on December 31, 2009 to apply. - South-dakota Statutes

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Statutes > South-dakota > Title-10 > Chapter-40a > Statute-10-40a-11

10-40A-11. Wills and trusts that refer to federal estate and generation-skipping transfer tax laws--Certain tax laws applicable on December 31, 2009 to apply. A will or trust of a decedent who dies after December 31, 2009, and before January 1, 2011, that contains a formula referring to the unified credit, estate tax exemption, applicable exemption amount, applicable credit amount, applicable exclusion amount, generation-skipping transfer tax exemption, GST exemption, marital deduction, maximum marital deduction, unlimited marital deduction, inclusion ratio, applicable fraction, or any section of the Internal Revenue Code relating to the federal estate tax or generation-skipping transfer tax, or that measures a share of an estate or trust based on the amount that can pass free of federal estate taxes or the amount that can pass free of federal generation-skipping transfer taxes, or that is otherwise based on a similar provision of federal estate tax or generation-skipping transfer tax law, shall be deemed to refer to the federal estate tax and generation-skipping transfer tax laws as they applied with respect to estates of decedents dying on December 31, 2009. This provision does not apply with respect to a will or trust that is executed or amended after December 31, 2009, or that manifests an intent that a contrary rule applies if the decedent dies on a date on which there is no then-applicable federal estate or generation-skipping transfer tax. If the federal estate or generation-skipping transfer tax becomes effective before that date, the reference to January 1, 2011, in this section refers instead to the first date on which such tax becomes legally effective.

Source: SL 2010, ch 55, § 1, eff. Mar. 10, 2010.

State Codes and Statutes

Statutes > South-dakota > Title-10 > Chapter-40a > Statute-10-40a-11

10-40A-11. Wills and trusts that refer to federal estate and generation-skipping transfer tax laws--Certain tax laws applicable on December 31, 2009 to apply. A will or trust of a decedent who dies after December 31, 2009, and before January 1, 2011, that contains a formula referring to the unified credit, estate tax exemption, applicable exemption amount, applicable credit amount, applicable exclusion amount, generation-skipping transfer tax exemption, GST exemption, marital deduction, maximum marital deduction, unlimited marital deduction, inclusion ratio, applicable fraction, or any section of the Internal Revenue Code relating to the federal estate tax or generation-skipping transfer tax, or that measures a share of an estate or trust based on the amount that can pass free of federal estate taxes or the amount that can pass free of federal generation-skipping transfer taxes, or that is otherwise based on a similar provision of federal estate tax or generation-skipping transfer tax law, shall be deemed to refer to the federal estate tax and generation-skipping transfer tax laws as they applied with respect to estates of decedents dying on December 31, 2009. This provision does not apply with respect to a will or trust that is executed or amended after December 31, 2009, or that manifests an intent that a contrary rule applies if the decedent dies on a date on which there is no then-applicable federal estate or generation-skipping transfer tax. If the federal estate or generation-skipping transfer tax becomes effective before that date, the reference to January 1, 2011, in this section refers instead to the first date on which such tax becomes legally effective.

Source: SL 2010, ch 55, § 1, eff. Mar. 10, 2010.

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State Codes and Statutes

Statutes > South-dakota > Title-10 > Chapter-40a > Statute-10-40a-11

10-40A-11. Wills and trusts that refer to federal estate and generation-skipping transfer tax laws--Certain tax laws applicable on December 31, 2009 to apply. A will or trust of a decedent who dies after December 31, 2009, and before January 1, 2011, that contains a formula referring to the unified credit, estate tax exemption, applicable exemption amount, applicable credit amount, applicable exclusion amount, generation-skipping transfer tax exemption, GST exemption, marital deduction, maximum marital deduction, unlimited marital deduction, inclusion ratio, applicable fraction, or any section of the Internal Revenue Code relating to the federal estate tax or generation-skipping transfer tax, or that measures a share of an estate or trust based on the amount that can pass free of federal estate taxes or the amount that can pass free of federal generation-skipping transfer taxes, or that is otherwise based on a similar provision of federal estate tax or generation-skipping transfer tax law, shall be deemed to refer to the federal estate tax and generation-skipping transfer tax laws as they applied with respect to estates of decedents dying on December 31, 2009. This provision does not apply with respect to a will or trust that is executed or amended after December 31, 2009, or that manifests an intent that a contrary rule applies if the decedent dies on a date on which there is no then-applicable federal estate or generation-skipping transfer tax. If the federal estate or generation-skipping transfer tax becomes effective before that date, the reference to January 1, 2011, in this section refers instead to the first date on which such tax becomes legally effective.

Source: SL 2010, ch 55, § 1, eff. Mar. 10, 2010.