For purposes of s. 732.2035, “value” means:(1)(a) In the case of protected homestead:1. If the surviving spouse receives a fee simple interest, the fair market value of the protected homestead on the date of the decedent’s death.
2. If the spouse takes a life estate as provided in s. 732.401(1), or validly elects to take an undivided one-half interest as a tenant in common as provided in s. 732.401(2), one-half of the fair market value of the protected homestead on the date of the decedent’s death. 3. If the surviving spouse validly waived his or her homestead rights as provided under s. 732.702 or otherwise under applicable law, but nevertheless receives an interest in the protected homestead, other than an interest described in s. 732.401, including an interest in trust, the value of the spouse’s interest is determined as property interests that are not protected homestead. (b) For purposes of this subsection, fair market value shall be calculated by deducting from the total value of the property all mortgages, liens, and security interests to which the protected homestead is subject and for which the decedent is liable, but only to the extent that such amount is not otherwise deducted as a claim paid or payable from the elective estate.
(2) In the case of any policy of insurance on the decedent’s life includable under s. 732.2035(5), (6), or (7), the net cash surrender value of the policy immediately before the decedent’s death. (3) In the case of any policy of insurance on the decedent’s life includable under s. 732.2035(9), the net cash surrender value of the policy on the date of the termination or transfer. (4) In the case of amounts includable under s. 732.2035(8), the transfer tax value of the amounts on the date of the decedent’s death. (5) In the case of other property included under s. 732.2035(9), the fair market value of the property on the date of the termination or transfer, computed after deducting any mortgages, liens, or security interests on the property as of that date. (6) In the case of all other property, the fair market value of the property on the date of the decedent’s death, computed after deducting from the total value of the property:(a) All claims paid or payable from the elective estate; and
(b) To the extent they are not deducted under paragraph (a), all mortgages, liens, or security interests on the property.
