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Terms in this set (99)

Used to prevent T from using non-probate assets to reduce size of probate estate, and thus the size of the elective share

A compilation of ALL the following property (Testamentary Substitutes need a LEG UP)
o Totten Trusts
Trust bank account for a beneficiary - money goes automatically to beneficiary upon death
Also includes other Pay on Death security arrangements
o Survivorship Rights
Joint Tenancies, Tenancies by the Entirety, Joint Bank Accounts, Survivorship Bank Accounts
NOTE: total value generally NOT included
o Lifetime Transfers with Strings Attached
Those where T retained power to revoke, invade/consume/dispose of principal, or name new beneficiaries
Transfers made during marriage, even if revocable, if decedent retained a life estate assuming transfer made on or after 9/1/92
o Employee Pension, Profit-Sharing, and Deferred Compensation Plans
If a qualified plan, then only ONE HALF is added, regardless of beneficiary
o Gifts Made within ONE YEAR of Death
MUST exceed annual gift tax exclusion ($14,000) to be part of AE
Gifts causa mortis (made in fear of impending death) are part of AE regardless of amount
o U.S. Government Bonds and Other Pay on Death Arrangements
o Powers of Appointment
Property over which decedent held a presently exercisable power of appointment at time of death, or exercised such power within one year of death

Property NOT included (LOGPIT)
o Life Insurance
Even when payable to the party
o One Half off a Qualified Pension or Profit-Sharing Plan
Outside AE ONLY if decedent named the beneficiary before 9/1/92 and did not change it after
o Gifts Less than Annual Exclusion Made Within One Year of Death
o Premarriage Irrevocable Transfers
Eg, Gifts prior to marriage
o Irrevocable Transfers Made More than ONE YEAR Before Death
o Irrevocable Transfers Made During Marriage where Decedent Retained Life Estate