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This entry was published on 2014-09-22
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SECTION 2-1.12
Credit shelter formula bequests
Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 2, PART 1
§ 2-1.12 Credit shelter formula bequests

If: (a) the decedent dies after January thirty-first, two thousand;

(b) by reason of the death of the decedent property passes or is
acquired from the decedent under a will executed or a trust created
prior to February first, two thousand which contains a formula
providing, in sum or substance, for a bequest of the maximum amount of
property that can be sheltered from federal estate tax by reason of
available credits against such tax; and

(c) such formula was not amended at any time after January
thirty-first, two thousand and before the death of the decedent,
then, unless the instrument containing such formula specifically
provides that there are non-tax reasons for taking the federal credit
for state death taxes into account, such formula shall be deemed not to
include a reference to the federal credit for state death taxes.