A. The augmented estate means the estate passing by testate or intestatesuccession, real and personal, after payment of allowances and exemptionselected under Article 5.1 (§ 64.1-151.1 et seq.) of Chapter 6 of this title,funeral expenses, charges of administration which shall not include federalor state transfer taxes, and debts, and to which is added the sum of thefollowing amounts:
1. The value of property, other than tangible personal property received bygift and the proceeds thereof, owned or acquired by the surviving spouse atthe decedent's death, to the extent the property is derived from thedecedent, by any means other than testate or intestate succession, without afull consideration in money or money's worth;
2. The value of property, other than tangible personal property received bygift and the proceeds thereof, derived by the surviving spouse from thedecedent without a full consideration in money or money's worth, other thanby testate or intestate succession, and transferred by the surviving spouseat any time during the marriage to a person other than the decedent, whichwould have been includible in the surviving spouse's augmented estate if thesurviving spouse had predeceased the decedent; and
3. The value of property transferred to anyone other than a bona fidepurchaser by the decedent at any time during the marriage to the survivingspouse, to or for the benefit of any person other than the surviving spouse,to the extent that the decedent did not receive adequate and fullconsideration in money or money's worth for the transfer, if the transfer isof any of the following types:
a. Any transfer under which the decedent retained for his life, for anyperiod not ascertainable without reference to his death or for any periodwhich does not in fact end before his death, the possession or enjoyment of,or right to income from, the property;
b. Any transfer to the extent that the decedent retained for his life, forany period not ascertainable without reference to his death or for any periodwhich does not in fact end before his death, a power, either alone or inconjunction with any other person, to revoke or to consume, invade, ordispose of the principal for his own benefit;
c. Any transfer whereby property is held at the time of the decedent's deathby the decedent and another with right of survivorship; or
d. Any transfer made to or for the benefit of a donee within the calendaryear of the decedent's death or any of the five preceding calendar years tothe extent that the aggregate value of the transfers to the donee exceeds$10,000 in that calendar year.
B. Nothing herein shall cause to be included in the augmented estate (i) thevalue of any property transferred by the decedent during marriage with thewritten consent or joinder of the surviving spouse; (ii) the value of anyproperty, its income or proceeds, received by the decedent by gift, will,intestate succession, or any other method or form of transfer to the extentit is received without full consideration in money or money's worth, beforeor during the marriage to the surviving spouse, from a person other than thesurviving spouse to the extent such property, income, or proceeds weremaintained by the decedent as separate property; or (iii) any transfer madeto anyone other than the surviving spouse prior to January 1, 1991, to theextent that such transfer is irrevocable on that date.
C. Property is valued as of the decedent's death except that propertytransferred irrevocably during the lifetime of the decedent is valued as ofthe date the transferee came into possession or enjoyment if that occursfirst.
1. Life estates and remainder interests are valued in the manner prescribedin Article 2 (§ 55-269.1 et seq.) of Chapter 15 of Title 55, and deferredpayments and estates for years are discounted to present value using theinterest rate specified in § 55-269.1.
2. The value of an insurance policy that is irrevocably transferred duringthe lifetime of a decedent is the cost of a comparable policy on the date oftransfer or, if such a policy is not readily available, the policy'sinterpolated terminal reserve. The value of any premiums paid on an insurancepolicy owned by another person is the amount of the premiums only and not theinsurance purchased or maintained with such premiums.
3. An initial interest in property owned as a joint tenant with survivorshipis valued at the time the interest is acquired, and a further interestreceived upon the death of a cotenant is valued at the cotenant's death.Property owned jointly by persons married to each other shall be rebuttablypresumed to have been acquired with contributions of equal value by eachtenant. The mere creation of an indebtedness secured by jointly ownedproperty is not a contribution to its acquisition, but any satisfaction of anindebtedness is a contribution. An interest in a tenancy by the entiretyshall be valued as if it were an interest in a joint tenancy withsurvivorship. Joint accounts in financial institutions shall be valued inaccordance with the provisions of Chapter 2.1 (§ 6.1-125.1 et seq.) of Title6.1.
D. As used in this section, the terms "estate" and "property" shallinclude insurance policies, retirement benefits exclusive of federal socialsecurity benefits, annuities, pension plans, deferred compensationarrangements, and employee benefit plans to the extent owned by, vested in,or subject to the control of the decedent on the date of his death or thedate of an irrevocable transfer by him during his lifetime. All suchinsurance policies and other benefits are included in the terms "estate"and "property" notwithstanding the presence of language contained in anystatute otherwise providing that neither they nor their proceeds shall beliable to attachment, garnishment, levy, execution, or other legal process orbe seized, taken, appropriated, or applied by any legal or equitable processor operation of law or any other such similar language.
(1990, c. 831; 1992, cc. 617, 647; 1998, c. 234; 1999, c. 38; 2007, c. 308.)
A. The augmented estate means the estate passing by testate or intestatesuccession, real and personal, after payment of allowances and exemptionselected under Article 5.1 (§ 64.1-151.1 et seq.) of Chapter 6 of this title,funeral expenses, charges of administration which shall not include federalor state transfer taxes, and debts, and to which is added the sum of thefollowing amounts:
1. The value of property, other than tangible personal property received bygift and the proceeds thereof, owned or acquired by the surviving spouse atthe decedent's death, to the extent the property is derived from thedecedent, by any means other than testate or intestate succession, without afull consideration in money or money's worth;
2. The value of property, other than tangible personal property received bygift and the proceeds thereof, derived by the surviving spouse from thedecedent without a full consideration in money or money's worth, other thanby testate or intestate succession, and transferred by the surviving spouseat any time during the marriage to a person other than the decedent, whichwould have been includible in the surviving spouse's augmented estate if thesurviving spouse had predeceased the decedent; and
3. The value of property transferred to anyone other than a bona fidepurchaser by the decedent at any time during the marriage to the survivingspouse, to or for the benefit of any person other than the surviving spouse,to the extent that the decedent did not receive adequate and fullconsideration in money or money's worth for the transfer, if the transfer isof any of the following types:
a. Any transfer under which the decedent retained for his life, for anyperiod not ascertainable without reference to his death or for any periodwhich does not in fact end before his death, the possession or enjoyment of,or right to income from, the property;
b. Any transfer to the extent that the decedent retained for his life, forany period not ascertainable without reference to his death or for any periodwhich does not in fact end before his death, a power, either alone or inconjunction with any other person, to revoke or to consume, invade, ordispose of the principal for his own benefit;
c. Any transfer whereby property is held at the time of the decedent's deathby the decedent and another with right of survivorship; or
d. Any transfer made to or for the benefit of a donee within the calendaryear of the decedent's death or any of the five preceding calendar years tothe extent that the aggregate value of the transfers to the donee exceeds$10,000 in that calendar year.
B. Nothing herein shall cause to be included in the augmented estate (i) thevalue of any property transferred by the decedent during marriage with thewritten consent or joinder of the surviving spouse; (ii) the value of anyproperty, its income or proceeds, received by the decedent by gift, will,intestate succession, or any other method or form of transfer to the extentit is received without full consideration in money or money's worth, beforeor during the marriage to the surviving spouse, from a person other than thesurviving spouse to the extent such property, income, or proceeds weremaintained by the decedent as separate property; or (iii) any transfer madeto anyone other than the surviving spouse prior to January 1, 1991, to theextent that such transfer is irrevocable on that date.
C. Property is valued as of the decedent's death except that propertytransferred irrevocably during the lifetime of the decedent is valued as ofthe date the transferee came into possession or enjoyment if that occursfirst.
1. Life estates and remainder interests are valued in the manner prescribedin Article 2 (§ 55-269.1 et seq.) of Chapter 15 of Title 55, and deferredpayments and estates for years are discounted to present value using theinterest rate specified in § 55-269.1.
2. The value of an insurance policy that is irrevocably transferred duringthe lifetime of a decedent is the cost of a comparable policy on the date oftransfer or, if such a policy is not readily available, the policy'sinterpolated terminal reserve. The value of any premiums paid on an insurancepolicy owned by another person is the amount of the premiums only and not theinsurance purchased or maintained with such premiums.
3. An initial interest in property owned as a joint tenant with survivorshipis valued at the time the interest is acquired, and a further interestreceived upon the death of a cotenant is valued at the cotenant's death.Property owned jointly by persons married to each other shall be rebuttablypresumed to have been acquired with contributions of equal value by eachtenant. The mere creation of an indebtedness secured by jointly ownedproperty is not a contribution to its acquisition, but any satisfaction of anindebtedness is a contribution. An interest in a tenancy by the entiretyshall be valued as if it were an interest in a joint tenancy withsurvivorship. Joint accounts in financial institutions shall be valued inaccordance with the provisions of Chapter 2.1 (§ 6.1-125.1 et seq.) of Title6.1.
D. As used in this section, the terms "estate" and "property" shallinclude insurance policies, retirement benefits exclusive of federal socialsecurity benefits, annuities, pension plans, deferred compensationarrangements, and employee benefit plans to the extent owned by, vested in,or subject to the control of the decedent on the date of his death or thedate of an irrevocable transfer by him during his lifetime. All suchinsurance policies and other benefits are included in the terms "estate"and "property" notwithstanding the presence of language contained in anystatute otherwise providing that neither they nor their proceeds shall beliable to attachment, garnishment, levy, execution, or other legal process orbe seized, taken, appropriated, or applied by any legal or equitable processor operation of law or any other such similar language.
(1990, c. 831; 1992, cc. 617, 647; 1998, c. 234; 1999, c. 38; 2007, c. 308.)
A. The augmented estate means the estate passing by testate or intestatesuccession, real and personal, after payment of allowances and exemptionselected under Article 5.1 (§ 64.1-151.1 et seq.) of Chapter 6 of this title,funeral expenses, charges of administration which shall not include federalor state transfer taxes, and debts, and to which is added the sum of thefollowing amounts:
1. The value of property, other than tangible personal property received bygift and the proceeds thereof, owned or acquired by the surviving spouse atthe decedent's death, to the extent the property is derived from thedecedent, by any means other than testate or intestate succession, without afull consideration in money or money's worth;
2. The value of property, other than tangible personal property received bygift and the proceeds thereof, derived by the surviving spouse from thedecedent without a full consideration in money or money's worth, other thanby testate or intestate succession, and transferred by the surviving spouseat any time during the marriage to a person other than the decedent, whichwould have been includible in the surviving spouse's augmented estate if thesurviving spouse had predeceased the decedent; and
3. The value of property transferred to anyone other than a bona fidepurchaser by the decedent at any time during the marriage to the survivingspouse, to or for the benefit of any person other than the surviving spouse,to the extent that the decedent did not receive adequate and fullconsideration in money or money's worth for the transfer, if the transfer isof any of the following types:
a. Any transfer under which the decedent retained for his life, for anyperiod not ascertainable without reference to his death or for any periodwhich does not in fact end before his death, the possession or enjoyment of,or right to income from, the property;
b. Any transfer to the extent that the decedent retained for his life, forany period not ascertainable without reference to his death or for any periodwhich does not in fact end before his death, a power, either alone or inconjunction with any other person, to revoke or to consume, invade, ordispose of the principal for his own benefit;
c. Any transfer whereby property is held at the time of the decedent's deathby the decedent and another with right of survivorship; or
d. Any transfer made to or for the benefit of a donee within the calendaryear of the decedent's death or any of the five preceding calendar years tothe extent that the aggregate value of the transfers to the donee exceeds$10,000 in that calendar year.
B. Nothing herein shall cause to be included in the augmented estate (i) thevalue of any property transferred by the decedent during marriage with thewritten consent or joinder of the surviving spouse; (ii) the value of anyproperty, its income or proceeds, received by the decedent by gift, will,intestate succession, or any other method or form of transfer to the extentit is received without full consideration in money or money's worth, beforeor during the marriage to the surviving spouse, from a person other than thesurviving spouse to the extent such property, income, or proceeds weremaintained by the decedent as separate property; or (iii) any transfer madeto anyone other than the surviving spouse prior to January 1, 1991, to theextent that such transfer is irrevocable on that date.
C. Property is valued as of the decedent's death except that propertytransferred irrevocably during the lifetime of the decedent is valued as ofthe date the transferee came into possession or enjoyment if that occursfirst.
1. Life estates and remainder interests are valued in the manner prescribedin Article 2 (§ 55-269.1 et seq.) of Chapter 15 of Title 55, and deferredpayments and estates for years are discounted to present value using theinterest rate specified in § 55-269.1.
2. The value of an insurance policy that is irrevocably transferred duringthe lifetime of a decedent is the cost of a comparable policy on the date oftransfer or, if such a policy is not readily available, the policy'sinterpolated terminal reserve. The value of any premiums paid on an insurancepolicy owned by another person is the amount of the premiums only and not theinsurance purchased or maintained with such premiums.
3. An initial interest in property owned as a joint tenant with survivorshipis valued at the time the interest is acquired, and a further interestreceived upon the death of a cotenant is valued at the cotenant's death.Property owned jointly by persons married to each other shall be rebuttablypresumed to have been acquired with contributions of equal value by eachtenant. The mere creation of an indebtedness secured by jointly ownedproperty is not a contribution to its acquisition, but any satisfaction of anindebtedness is a contribution. An interest in a tenancy by the entiretyshall be valued as if it were an interest in a joint tenancy withsurvivorship. Joint accounts in financial institutions shall be valued inaccordance with the provisions of Chapter 2.1 (§ 6.1-125.1 et seq.) of Title6.1.
D. As used in this section, the terms "estate" and "property" shallinclude insurance policies, retirement benefits exclusive of federal socialsecurity benefits, annuities, pension plans, deferred compensationarrangements, and employee benefit plans to the extent owned by, vested in,or subject to the control of the decedent on the date of his death or thedate of an irrevocable transfer by him during his lifetime. All suchinsurance policies and other benefits are included in the terms "estate"and "property" notwithstanding the presence of language contained in anystatute otherwise providing that neither they nor their proceeds shall beliable to attachment, garnishment, levy, execution, or other legal process orbe seized, taken, appropriated, or applied by any legal or equitable processor operation of law or any other such similar language.
(1990, c. 831; 1992, cc. 617, 647; 1998, c. 234; 1999, c. 38; 2007, c. 308.)
