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disposition of a residence and furniture to decedent’s wife
(Frances Nix), the third bequest provides for a pecuniary
disposition qualifying for the marital deduction, and the fourth
and final bequest provides for a disposition of the residuary
estate to decedent's son. Furthermore, decedent directs his
personal representative to pay debts and expenses of the estate
and taxes on the estate out of assets of the estate.
The marital deduction bequest provides:
If she survives me for more than 30 days, I bequeath to my
wife the smallest amount of the assets of my estate that
qualify for the marital deduction as will result in the
lowest federal estate tax being imposed upon my estate,
after allowing for the unified credit, and any other credits
and deductions allowable to my estate. In making the
computations necessary to determine the amount of this gift
and bequest, the final determination for federal estate tax
purposes shall control. In the sole power and discretion of
the personal representative, the payment of this amount may
be made wholly or partly in cash or property as selected by
the personal representative; provided, however, that all
such property so selected shall be valued at the value
thereof as finally determined for federal estate tax
purposes in my estate; provided further, that in exercising
this power and discretion, the personal representative shall
first allot to this gift and bequest the more liquid and
salable assets of my estate; and provided further, that in
no event shall there be included in this gift and bequest
any asset or the proceeds of any asset (a) which does not
qualify for the marital deduction for federal estate tax
purposes, or (b) with respect to which any estate or death
taxes are paid to any foreign country or any of its
possessions or subdivisions, or (c) with respect to which
any tax credit or deduction shall be available because it
shall be subject to both federal estate and federal income
tax. Notwithstanding anything herein to the contrary, the
personal representative, in making distributions wholly or
partly in property, in order to implement this gift and
bequest, shall distribute to my wife assets, including cash,
fairly representative, on the date or dates of
distribution, of appreciation or depreciation in the value
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Last modified: May 25, 2011