The New York State Right of Election Law appears in article 5 of the Estates, Powers, and Trusts Laws (EPTL), "Rights of Surviving Spouse.
1 A, however, in combination with the Q-TIP election fas provided in IRC section 2056 (b)(7)], a surviving spouse is permitted to satisfy the right of election by taking income for life and the marital deduction is allowed as long as no other person has any rights in the Q-TIP trust during the surviving spouse's life.
Revenue Procedure 2005-24 provides a safe harbor under which a right of election may be disregarded.
The revenue procedure states that for trusts created on or after June 28, 2005, the failure of the donor's spouse to waive the right of election in accordance with the revenue procedure will cause the CRT to lose its tax-exempt status, regardless of whether the spouse exercises the right of election.
The revenue procedure deals with the effect of a spousal right of election on a trust's qualification as a CRAT or CRUT.
2005-24 provided a safe-harbor procedure for trusts created after June 28, 2005 that disregarded the right of a spousal election for determining whether the CRAT or CRUT is tax exempt, but only if the spouse irrevocably waived the right of election.
Myth: Property that goes to a surviving spouse exercising the right of election is not eligible for the marital deduction for estate tax purposes.
Reality: It does not matter if the property finds its way to the surviving spouse by way of the spouse's exercise of the right of election, as long as the deduction's effect is to shift the transferred assets into the taxable estate of the recipient spouse.
Existing CRTs can also be affected if u surviving spouse actually exercises a right of election
under a state statute.
When an individual, including a surviving spouse with a right of election, has a right to a share of an estate and renounces or disclaims such interest, it is considered a transfer for Medicaid eligibility purposes.
If the well spouse dies first and does not leave the surviving spouse enough to qualify as that spouse's elective share (the greater of $50,000 or one-third of the estate), the local Medicaid agency may start a court proceeding to have a guardian appointed for the surviving institutionalized spouse so that the guardian can then exercise that spouse's right of election.
1999 -- An Amiri Decree is issued amending first article of the 1962 electoral law concerning the election of members of the National Assembly, allowing Kuwaiti women to practice their political right of election
and nomination for parliamentary seats.
The changes reflect the work of a legislative advisory committee that set out to review and update the EPTL with respect to intestacy and will provisions and the surviving spouse's right of election