Section 21403.
21403. (a) Subject to subdivision (b), shares of beneficiaries abate pro rata within each class specified in Section 21402. (b) Gifts of annuities and demonstrative gifts are treated as specific gifts to the extent they are satisfied out of the fund or property specified in the gift and as general gifts to the extent they are satisfied […]
Section 21404.
21404. If an instrument requires property that is the subject of a specific gift to be exonerated from a mortgage, deed of trust, or other lien, a specific gift of other property does not abate for the purpose of exonerating the encumbered property. (Enacted by Stats. 1990, Ch. 79.)
Section 21405.
21405. (a) In any case in which there is abatement when a distribution is made during estate administration, the court shall fix the amount each distributee must contribute for abatement. The personal representative shall reduce the distributee’s share by that amount. (b) If a specific gift must be abated, the beneficiary of the specific gift may satisfy […]
Section 21406.
21406. (a) This part does not apply to a gift made before July 1, 1989. In the case of a gift made before July 1, 1989, the law that would have applied had this part not been enacted shall apply. (b) For purposes of this section a gift by will is made on the date of the […]
Section 21500.
21500. As used in this part, “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time. A reference to a provision of the Internal Revenue Code includes any subsequent provision of law enacted in its place. (Enacted by Stats. 1990, Ch. 79.)
Section 21501.
21501. (a) This part applies to a distribution made on or after January 1, 1988, whether the transferor died before, on, or after that date. (b) A distribution made on or after January 1, 1983, and before January 1, 1988, is governed by the applicable law in effect before January 1, 1988. (Enacted by Stats. 1990, Ch. […]
Section 21502.
21502. (a) This part does not apply to an instrument the terms of which expressly or by necessary implication make this part inapplicable. (b) By an appropriate statement made in an instrument, the transferor may incorporate by reference any or all of the provisions of this part. The effect of incorporating a provision of this part in […]
Section 21503.
21503. (a) If an instrument includes a formula intended to eliminate the federal estate tax, the formula shall be applied to eliminate or to reduce to the maximum extent possible the federal estate tax. (b) If an instrument includes a formula that refers to a maximum fraction or amount that will not result in a federal estate […]
Section 21520.
21520. As used in this chapter: (a) “Marital deduction” means the federal estate tax deduction allowed for transfers under Section 2056 of the Internal Revenue Code or the federal gift tax deduction allowed for transfers under Section 2523 of the Internal Revenue Code. (b) “Marital deduction gift” means a transfer of property that is intended to qualify […]
Section 21521.
21521. Sections 21524 and 21526 do not apply to a trust that qualifies for the marital deduction under Section 20.2056(e)-2(b) of the Code of Federal Regulations (commonly referred to as the “estate trust”). (Enacted by Stats. 1990, Ch. 79.)