- 3 - insufficient, she would seek partition of her interest from that of the charitable remaindermen. The dispute was settled during August 1987, and the parties agreed to the following: (1) The Support Trust would be terminated with its assets divided, 55 percent for decedent and 45 percent for the charitable remaindermen, and (2) the assets remaining in the Maintenance Trust (including Residence, its furnishings, and cash) would be distributed to a liquidating trust (Liquidating Trust). The Liquidating Trust was chosen in order to provide centralized management and to assist in representing the multiplicity of interests in selling the property. The Liquidating Trust was to terminate by approximately August 1990. The Liquidating Trust continued beyond its prescribed termination date due to controversy over the trustee’s fees. Decedent had a 50-percent interest in the Liquidating Trust, and seven charitable organizations had varying percentage shares in the remaining 50 percent. The Liquidating Trust instrument provided that, except for transfers by will or by the laws of intestate succession, no trust beneficiary could assign or transfer an interest to any party other than to another beneficiary. The express purposes of the Liquidating Trust were to: hold the property * * * [Residence and related assets from the Maintenance Trust], to liquidate the Property in an efficient manner, to manage and maintain the Property in an efficient manner during the process ofPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011