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{"id":16571,"date":"2017-05-08T21:15:17","date_gmt":"2017-05-08T21:15:17","guid":{"rendered":"http:\/\/www.seonewswire.net\/2017\/05\/the-new-elective-share-law-adds-a-layer-of-complexity-for-planning-for-long-term-care\/"},"modified":"2017-05-08T21:15:17","modified_gmt":"2017-05-08T21:15:17","slug":"the-new-elective-share-law-adds-a-layer-of-complexity-for-planning-for-long-term-care","status":"publish","type":"post","link":"http:\/\/www.seonewswire.net\/2017\/05\/the-new-elective-share-law-adds-a-layer-of-complexity-for-planning-for-long-term-care\/","title":{"rendered":"The New Elective Share Law Adds a Layer of Complexity for Planning for Long-Term Care"},"content":{"rendered":"
As of January 1, 2017, the Virginia Legislature amended our state\u2019s formula for determining the surviving spouse\u2019s elective share rights in the augmented estate. Under prior law, a surviving spouse was entitled to one-third of the decedent\u2019s estate, augmented by certain transfers delineated by statute, such as life insurance, retirement accounts and gifts to others. Under the new law, the amount of the elective share is based on a sliding scale related to the length of the marriage and takes into consideration the assets of both the decedent and the surviving spouse. In theory, for long-term marriages (defined as those of 15 years or more), the idea is that the spouses operate like a partnership and that each spouse contributes equally to the marriage in one fashion or another and so both are entitled to share equally in the assets. Although the new law is worthy of extensive discussion on various (more…)<\/span><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

As of January 1, 2017, the Virginia Legislature amended our state\u2019s formula for determining the surviving spouse\u2019s elective share rights in the augmented estate. Under prior law, a surviving spouse was entitled to one-third of the decedent\u2019s estate, augmented by…<\/span><\/p>\n

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