HB0418 - Tennessee: Estates, Inheritance Laws

Companion Bill SB1598. Estates - Clarifies that the net estate for purposes of calculating a surviving spouse's elective share does not include assets over which the decedent held a power of appointment; that the gross estate excludes the homestead allowance, exempt property, and year's support allowance; that the elective share is exempt from allocation for estate taxes; and that the elective share must be elected within nine months of the decedent's death. - Amends TCA Title 31, Chapter 4. Fiscal Summary for *HB0418 / SB1598 MINIMAL Bill Summary for *HB0418 / SB1598 Under present law, if the surviving spouse of a decedent who died without a will elects against an intestate share, or if a surviving spouse elects against the decedent's will, then the surviving spouse has a right of election to take an elective-share. An "intestate [...]

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