§ 15-11-208 — Exclusions, valuations, and overlapping application

Colorado § 15-11-208

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Intestate Succession and Wills

Text

(1) Exclusions. (a) The value of any property is excluded from the decedent's
nonprobate transfers to others:

(I) To the extent the decedent received adequate and full consideration in
money or money's worth for a transfer of the property; or

(II) If the property was transferred with the written joinder of, or if the
transfer was consented to in writing by, the surviving spouse; or

(III) If the property was transferred to a bona fide purchaser.

(b) For purposes of this subsection (1), in the absence of a finding of a
contrary intent, joinder in the filing of a gift tax return does not constitute consent
or joinder.

(c) Any life insurance maintained pursuant to a marriage dissolution
settlement agreement or court order or any distribution from a plan qualified under
section 401 (a) of the federal Internal Revenue Code of 1986, as amended, is
excluded from the decedent's nonprobate transfers to others to the extent such
items are payable to a person other than the surviving spouse.

(d) Life insurance, accident insurance, pension, profit sharing, retirement,
and other benefit plans payable to persons other than the decedent's surviving
spouse or the decedent's estate are excluded from the augmented estate.

(e) Any completed transfers made by the decedent prior to July 1, 1974, are
excluded from the decedent's nonprobate transfers to others.

(f) Any fractional interest in real property held in joint tenancy with the right
of survivorship, if such joint tenancy was created by a donative transfer by someone
other than the decedent or the surviving spouse, is excluded from the augmented
estate.

(2) Valuations. The value of property:

(a) Included in the augmented estate under section 15-11-205, 15-11-206, or
15-11-207 is reduced in each category by enforceable claims against the included
property; and

(b) Includes the commuted value of any present or future interest and the
commuted value of amounts payable under any trust, life insurance settlement
option, annuity contract, public or private pension, disability compensation, death
benefit or retirement plan, or any similar arrangement, exclusive of the federal
social security system.

(3) Overlapping application - no double inclusion. In case of overlapping
application to the same property of the provisions of section 15-11-205, 15-11-206,
or 15-11-207, the property is included in the augmented estate under the provision
yielding the highest value and under only one overlapping provision if they all yield
the same value.

(4) Community property. If there is a disparity between the titling of
property pursuant to sections 15-11-204, 15-11-205, 15-11-206, and 15-11-207 and the
ownership of the property pursuant to article 20 of title 15, then the community
property ownership controls and one-half of the community property must be
included pursuant to sections 15-11-204, 15-11-205, 15-11-206, and 15-11-207, as
applicable, and any administrative expenses relating to and enforceable claims
against the community property must be allocated equally between the decedents
and the surviving spouse's shares of the community property.

Legislative History

Source: L. 2014: Entire part R&RE, (HB 14-1322), ch. 296, p. 1227, � 2, effective August 6. L. 2023: (4) added, (SB 23-100), ch. 30, p. 106, � 2, effective July 1.