Rule 6 Life estate; dower
Rule Text
(a) Allowance for life estate. Allowance to a healthy tenant for life, unless otherwise adjudged, shall be computed as follows:
(1) For the month in which the valuation date falls, find the applicable federal rate under section 7520 of the Internal Revenue Code of 1986 by consulting Table 5 of the monthly revenue rulings listing applicable federal rates published in the Internal Revenue Bulletin.
(2) Using the applicable federal rate obtained in subparagraph (a)(1) and the age of the tenant for life, select the correct factor from Table R(1) in IRS Notice 89-60.
(3) Subtract the factor obtained in subparagraph (a)(2) from the number 1 (the resulting factor is the allowance to a tenant for life).
(b) Commutation of dower. The dower of a healthy person in land sold by judgment of the Court, unless otherwise agreed by the parties or adjudged for good cause shown, shall be equal to one-third (1/3) of the value of that person's life estate in the land, computed in accordance with subsection (a) of this rule. (This subsection is not applicable to estates of persons dying on or after April 26, 2001, the effective date of the Omnibus Trusts and Estates Amendment Act of 2000, abolishing dower.)
(c) For purposes of this rule, the valuation date shall be the first day of the month next preceding the month in which the initial pleading seeking an allowance or commutation is filed.