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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 of
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