Sec. 12-345. Revocable trusts.
Sec. 12-345. Revocable trusts. A transfer of property by deed of trust wherein
the settlor reserved to himself, or to himself and others not beneficiaries, powers of
revocation, alteration or amendment, upon the exercise of which the property might
revest in him, shall, upon the death of the settlor, be taxable to the extent of the value
of the property subject to such powers and with respect to which such powers remained
unexercised. The word "property", as used in this section, shall not include the proceeds
of any policy of life, accident or health insurance, payable to a named beneficiary or
beneficiaries, or the executors of the will or the administrators of the estate of the insured,
nor the proceeds of any policy of war risk insurance, United States government life
insurance or national service life insurance.
(1949 Rev., S. 2024; September, 1957, P.A. 11, S. 49; 1969, P.A. 784, S. 2.)
History: 1969 act excluded from consideration as property proceeds of policy payable to executors or administrators,
reversing previous provision.
Cited. 122 C. 122. See note to Sec. 12-341 as to 125 C. 456. Purpose of this section to clarify the law, not to bring
within scope of statutes transfers not otherwise taxable. 129 C. 185.