Section 45-3-923 – Statutory apportionment of estate taxes.
To the extent that apportionment of an estate tax is not controlled by an instrument described in Section 7 [45-3-922 NMSA 1978] of this act and except as otherwise provided in Sections 10 and 11 of this act [45-3-925, 45-3-926 NMSA 1978], the following rules apply: A. subject to Subsections B, C and D of […]
Section 45-3-924 – Credits and deferrals.
Except as otherwise provided in Sections 10 and 11 of this act [45-3-925, 45-3-926 NMSA 1978], the following rules apply to credits and deferrals of estate taxes: A. a credit resulting from the payment of gift taxes or from estate taxes paid on property previously taxed inures ratably to the benefit of all persons to […]
Section 45-3-925 – Insulated property; advancement of tax.
A. In this section: (1) “advanced fraction” means a fraction that has as its numerator the amount of the advanced tax and as its denominator the value of the interests in insulated property to which that tax is attributable; (2) “advanced tax” means the aggregate amount of estate tax attributable to interests in insulated property […]
Section 45-3-926 – Apportionment and recapture of special elective benefits.
A. In this section: (1) “special elective benefit” means a reduction in an estate tax obtained by an election for: (a) a reduced valuation of specified property that is included in the gross estate; (b) a deduction from the gross estate, other than a marital or charitable deduction, allowed for specified property; or (c) an […]
Section 45-3-912 – Private agreements among successors to decedent binding on personal representative.
Subject to the rights of creditors and taxing authorities, successors or their representatives may agree among themselves to alter the interests, shares or amounts to which they are entitled under the will of the decedent or under the laws of intestacy in any way that they provide in a written contract executed by all who […]
Section 45-3-913 – Distributions to trustee.
A. Before distributing to a trustee, the personal representative may require that the trust be registered if the state in which it is to be administered provides for registration and that the trustee inform the beneficiaries as provided in Section 46A-8-813 NMSA 1978. B. If the trust instrument does not excuse the trustee from giving […]
Section 45-3-904 – Interest on general pecuniary devise.
General pecuniary devises bear interest at five percent per annum beginning one year after the first appointment of a personal representative until payment, unless a contrary intent is indicated by the will or unless distribution is withheld under the provisions of a court order upon a showing of good cause by the personal representative. History: […]
Section 45-3-905 – Penalty clause for contest.
A provision in a will purporting to penalize any interested person for contesting the will or instituting other proceedings relating to the estate is unenforceable if probable cause exists for instituting proceedings. History: Laws 1975, ch. 257, § 3-905; repealed and reenacted by Laws 2016, ch. 69, § 718. ANNOTATIONS Repeals and reenactments. — Laws […]
Section 45-3-906 – Distribution in kind; valuation; method.
A. Unless a contrary intention is indicated by the will, the distributable assets of a decedent’s estate shall be distributed in kind to the extent possible through application of the following provisions: (1) a specific devisee is entitled to distribution of the thing devised to him, and a spouse or child who has selected particular […]
Section 45-3-907 – Distribution in kind; evidence.
If distribution in kind is made, the personal representative shall execute an instrument or deed of distribution assigning, transferring or releasing the assets to the distributee as evidence of the distributee’s title to the property. History: 1953 Comp., § 32A-3-907, enacted by Laws 1975, ch. 257, § 3-907. ANNOTATIONS Official comments. — See Commissioners on […]