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BETTEN, MURPHY & WEISS
Attorneys, PA

Brevard's Elder Law Firm
1800 Penn Street, Suite 6
Melbourne, FL 32901-2625
Phone (321) 676-2525

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Brevard Elder Law

Elective Share

Brevard Elder Law

A surviving spouse is entitled to receive an elective share consisting of 30% of the elective estate. The elective estate consists of probate and many non-probate assets. This varies from previous law, in which only probate assets were considered in the elective share.

Assets the decedent's elective estate may consist of:

  • probate assets.
  • interests in accounts registered in POD, TOD or ITF or in co-ownership form with a right of survivorship.
  • assets held in a revocable living trust.
  • interests in annuities.
  • cash surrender value of life insurance.
  • IRA, 401k, pension, and other retirement accounts.
  • certain property gifted during the one-year period prior to decedent's death.

The New Elective Share has now made planning for a married couple even more complicated in both Estate and Medicaid planning.

Brevard Elder Law
Copyright © 2007 Betten, Murphy & Weiss, Attorneys, PA All rights reserved. Site Updated January 1, 2007