WHEN TO USE THE FORM: Use this form when working through a computation of Augmented Estate problem to decide if an election by the surviving spouse is desirable. If a petition for election is filed, this form should either accompany the petition, or be presented to the Court at the time of hearing on the petition.
HOW TO USE THE FORM: The form is most easily utilized when most of the information necessary for completion of the federal estate tax return has been gathered. The more relevant sections will be Part I, Part II and Part IIIA. These sections when completed should constitute the bulk of the Augmented Estate in most situations. Part IV totals the Augmented Estate and computes the elective share. Part V totals property that the electing spouse must "set off" against the elective share because it has been derived from the Decedent. Part VI must be completed to ascertain the amount to be contributed by those receiving the Augmented Estate.
WHEN NOT TO USE THE FORM: Do not use this form where there is no question that the surviving spouse has received more than 50% of all Decedent's property, during lifetime or at death.
COMMENTS: The worksheet is all inclusive and many of the sections will not apply in the usual case. In particular, Part II will not apply if the petition is filed later than one year after the Decedent's death. The form does not take into account the Federal Estate Tax or Nebraska Inheritance Tax consequences of the election, nor of the proration of the same. The election may result in not only contribution by the recipient of the property, but estate tax consequences not foreseen, also.
If petition is not filed or delivered under Nebraska Probate Code § 30-2317 within nine (9) months of the Decedent's death, property transferred by or from the Decedent to any person by any means other than intestate succession or testamentary disposition is excluded from the Augmented Estate. Nebraska Probate Code § 30-2314(c)(3). If petition is filed later than one year after death, nonprobate transfers described in Nebraska Probate Code § 30-2314(a)(1) shall not be included in the Augmented Estate. Nebraska Probate Code § 30-2317(a).
