House Bill No. 566
Introduced By menahan
A Bill for an Act entitled: "An Act to increase the amount of life insurance that is not considered part of an estate; amending section
72-16-304, MCA; and providing an immediate effective date and a retroactive applicability date."
Be it enacted by the Legislature of the State of Montana:
Section 1. Section 72-16-304, MCA, is amended to read:
"72-16-304. Insurance proceeds part of estate -- exemption. All insurance payable upon the death of any person over
$50,000 $250,000 shall be deemed is considered a part of the property and estate passing to the person or
persons entitled to receive the same it and, if payable to more than one person, the $50,000 $250,000 exemption shall must
be prorated between such those persons in proportion to the amount of insurance payable to each."
NEW SECTION. Section 2. Effective date -- retroactive applicability. [This act] is effective on passage and approval and applies retroactively, within the meaning of 1-2-109, to the estates of persons dying after December 31, 1996.