(1) The surviving spouse may not receive by election under ORS 114.105 any amount which, together with any of the following property received by the surviving spouse, exceeds one-half of the total of the following property, such property to be reduced by the amount of the federal estate tax payable by reason of the property:
(a) The property passing under the will;
(b) Joint annuities furnished by the decedent;
(c) Proceeds of insurance on the life of the decedent, whether or not the decedent had any of the incidents of ownership at the death of the decedent;
(d) Transfers by the decedent within three years before the date of death, to the extent the decedent did not receive full consideration in money or money’s worth;
(e) Transfers by the decedent during the lifetime of the decedent as to which the decedent retained power, alone or in conjunction with any other person, to alter, amend, revoke or terminate or to designate a beneficiary;
(f) Payments from the employer of the decedent or from a plan created by the employer or under a contract between the decedent and the employer of the decedent, excluding workers’ compensation and Social Security payments;
(g) Property appointed by the decedent by will or by deed executed within three years before the date of death, whether the power is general or special, but only if the property is effectively appointed in favor of the surviving spouse; and
(h) Property in the joint names of the decedent and one or more other persons, except such proportion as is attributable to consideration furnished by persons other than the decedent.
(2) For the purpose of subsection (1) of this section, the surviving spouse is considered to receive:
(a) Any property as to which the spouse is given all the income and a general power to appoint the principal.
(b) Life insurance proceeds settled by the decedent on option, if the spouse is entitled to the interest and has a general power to appoint the proceeds or to withdraw proceeds, or if the spouse is entitled to an annuity for life or installments of the entire principal and interest for any period equal to or less than the normal life expectancy of the spouse.
(3) As used in subsection (1) of this section, “property in the joint names” means all property held or owned under any form of ownership with right of survivorship, including cotenancy with remainder to the survivor; stocks, bonds or bank accounts in the name of two or more persons payable to the survivor; United States Government bonds in coownership form or payable on death to a designated person; and shares in credit unions or savings and loan associations payable on death to a designated person or in joint form. [1969 c.591 §114]Section: Previous 114.070 114.075 114.085 114.105 114.110 114.115 114.120 114.125 114.130 114.135 114.140 114.145 114.150 114.155 114.165 Next
Last modified: August 7, 2008