- 8 -
personal property and of the interest in the home to the
surviving spouse under Article II, and the bequest of the Clack
Corp. stock to Richard E. Clack under Article III as having been
fully satisfied before determining the marital trust amount but
did not treat the payment of estate taxes under Article I,
paragraph B as having been fully satisfied.
The coexecutors claimed a total marital deduction in the
amount of $4,460,101.18, composed of what they determined to be
the value of the marital trust property ($4,162,439.24), plus
certain joint property ($194,263.55), the bequest of tangible
personal property and the interest in the home ($42,075), life
insurance proceeds ($46,481.72), and retirement benefits
($14,841.67) passing to the surviving spouse. Other than the
specific bequest of Clack Corp. stock to Richard E. Clack and a
payment of $25,953.51 to Robert A. Clack as the beneficiary of a
single premium annuity policy, all of the assets of decedent's
estate either passed directly to the surviving spouse
($297,661.94 by specific bequest or outside of probate) or were
treated by the coexecutors as part of the marital trust
($4,162,439.24 as QTIP election). The coexecutors did not fund
the family trust.
On the estate tax return, the total gross estate was valued
at $7,287,342.55. The estate tax reported as due on the return
was $684,589.11.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011