2006 Ohio Revised Code - 5731.05. Transfers in contemplation of death.

§ 5731.05. Transfers in contemplation of death.
 

(A)  Except as provided in divisions (B) and (C) of this section, the value of the gross estate shall include the value of all property, to the extent of any interest in property, of which the decedent has at any time made a transfer, by trust or otherwise, in contemplation of death. 

(B)  Any transfer, except as provided in division (C) of this section, by trust or otherwise, made within a period of three years ending with the date of the decedent's death shall be deemed to have been made in contemplation of death, unless the contrary is shown. No transfer made before that three-year period shall be treated as having been made in contemplation of death. 

(C)  This section does not apply to any of the following: 

(1) A bona fide sale for an adequate and full consideration in money or money's worth; 

(2) A transfer of property that would not be included in the decedent's gross estate if retained by the decedent until death; 

(3) The first ten thousand dollars of the transfers that were made by the decedent to each transferee, other than the spouse of the decedent, in each calendar year, but only to the extent that those transfers qualify as present interests under section 2503(b) and (c) of the Internal Revenue Code. The exclusion provided by division (C)(3) of this section does not apply to any portion of a transfer that is treated as being made by the spouse of the decedent under section 2513 of the Internal Revenue Code. 

(4) A transfer of property made to the spouse of the transferor, except as provided in section 5731.131 [5731.13.1] of the Revised Code; 

(5) Federal or state gift taxes paid with respect to any includible transfer. 
 

HISTORY: 132 v S 326 (Eff 7-1-68); 140 v H 291 (Eff 7-1-83); 140 v H 794 (Eff 7-6-84); 141 v H 139 (Eff 7-24-86); 143 V H 111, §§ 1, 3 (Eff 7-1-89); 143 v S 336, § 1 (Eff 4-10-90); 143 v S 336, § 3. Eff 7-1-93; 151 v H 66, § 101.01, eff. 6-30-05.
 

The provisions of § 557.24 of 151 v H 66 read as follows: 

SECTION 557.24. The amendment by this act of sections 5731.01, 5731.05, 5731.131, 5731.14, 5731.18, and 5731.181 of the Revised Code, and the repeal by this act of section 5731.20 of the Revised Code, applies to estates of decedents dying on or after the effective date of those sections as amended by this act. 

The effective date is set by § 612.21 of 151 v H 66. 

 

Effect of Amendments

151 v H 66, effective June 30, 2005, in (C)(3), deleted "or 1986,' 26 U.S.C. 2503, as amended" following the first instance of "Internal Revenue Code" and "of 1986,' 26 U.S.C. 2513, as amended" from the end; deleted (D), establishing the application of amendments by 143 v H 111 and 143 v S 336; and made minor stylistic and gender neutral changes.