{"data":{"id":"us-ky/krs-140.100","jurisdiction":"us-ky","citation":"KRS 140.100","heading":"Valuation of future and contingent estates -- Taxation of life estates --","body":"Valuation of surviving spouse's interest in trust or life estate.\n(1) The Department of Insurance, on the application of the Department of Revenue,\nshall determine, and certify in duplicate to the department, the value of any future or\ncontingent estate, income or interest therein, limited, contingent, dependent, or\ndeterminable upon the lives of persons in being, upon the facts contained in the\napplication or other facts submitt ed by the department. No fee shall be charged by\nthe Department of Insurance for this service. The certificate shall be competent\nevidence that the method of computation therein is correct.\n(2) The value of every future, contingent, or limited estate, inco me, or interest for the\npurpose of this chapter shall be determined by the rules, methods, and standards of\nmortality and of value prescribed by the appropriate United States life mortality\ntables for ascertaining the value of life estates, annuities, and remainder interests\nexcept that the rate of interest assessed in computing the present value of all future\ninterests and contingencies shall be four percent (4%) per annum.\n(3) When an annuity or a life estate is terminated by the death of the annuitant or  life\ntenant, and the tax upon such interest has not been fixed and determined, the value\nof the interest for the purpose of taxation shall be that amount of the annuity or\nincome actually paid or payable to the annuitant or life tenant during the period f or\nwhich the annuitant or life tenant was entitled to the annuity or was in possession of\nthe life estate. The tax on such annuities and life interests shall be payable out of the\ncorpus of the estate, unless otherwise provided under the terms of the will.\n(4) Notwithstanding anything in this chapter to the contrary, the value of a surviving\nspouse's interest in a trust or life estate which was exempt from Kentucky\ninheritance tax in the first spouse's estate pursuant to an election made under KRS\n140.080(1)(a) shall be deemed to be equal to the entire value of the property held in\nthe trust or life estate, at the surviving spouse's death, for Kentucky inheritance tax\npurposes in the surviving spouse's estate.","path":["KRS Chapter 140"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=28987","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:33Z","sha256":"5c974054b868251c512d427e5cc138bd1581f94d28d5bb18f7eb774076101460","source_id":"us-ky","stale":false,"prev":"us-ky/krs-140.095","next":"us-ky/krs-140.110"},"notice":"GroundRules: Original legal text. Not legal advice."}