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During relevant times, Ms. Mattson also served as the
appointed conservator for the person and estate of Helen Adams.
In this capacity, on September 17, 1999, Ms. Mattson executed a
document entitled “DISCLAIMER OF INTEREST IN TRUST PROPERTY”.
The writing purported to disclaim “an income interest only in the
residue of Trust “A” of the * * * ENGELMAN LIVING TRUST * * *
created by a Power of Appointment executed by LEONA ENGELMAN on
February 5, 1998”. The estate concedes that this attempted
disclaimer was untimely and “is moot”.
Discussion
I. Inclusion of Trust Assets in the Gross Estate
A. General Rules
As a general rule, the Internal Revenue Code imposes a
Federal tax “on the transfer of the taxable estate of every
decedent who is a citizen or resident of the United States.”
Sec. 2001(a). The taxable estate, in turn, is defined as “the
value of the gross estate”, less applicable deductions. Sec.
2051. Section 2031(a) specifies that the gross estate comprises
“all property, real or personal, tangible or intangible, wherever
situated”, to the extent provided in sections 2033 through 2045.
Section 2033 broadly states that “The value of the gross
estate shall include the value of all property to the extent of
the interest therein of the decedent at the time of his death.”
Sections 2034 through 2045 then explicitly mandate inclusion of
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