Current as of May 06, 2021 | Updated by FindLaw Staff
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The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:
“Formula clause.”A clause that has any of the following characteristics:
(1) Refers to the unified credit, estate tax exemption, applicable exemption amount, applicable credit amount, applicable exclusion amount, generation-skipping transfer tax exemption, GST exemption, marital deduction, maximum marital deduction, unlimited marital deduction or charitable deduction, or other words relating to Federal tax exemptions, exclusions, deductions or credits where the meaning of the words is dependent on the current state of the Federal tax laws.
(2) Measures a share of an estate or trust based on the amount that can pass free of Federal estate taxes or affects the inclusion ratio for generation-skipping transfer tax purposes.
(3) Is based on a similar provision of Federal estate tax or generation-skipping transfer tax law.
“Other dispositive instrument.”Includes the following:
(1) A beneficiary designation pertaining to insurance or retirement assets.
(2) An instrument that exercises a power of appointment held by the decedent at death.
(3) A similar instrument that:
(i) expresses a decedent's intent regarding assets over which the decedent had dispositive authority at death; or
(ii) otherwise disposes of assets as a result of the decedent's death.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 6. Public Finances § 6-11-5. Taylor Grazing Act funds; distribution - last updated May 06, 2021 | https://codes.findlaw.com/nm/chapter-6-public-finances/nm-st-sect-6-11-5/
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