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Petitioner is the sole beneficiary of Trust C. The Trust C
instrument provides a schedule for the payment of the trust's
principal based on petitioner's age.3 However, the trustees
could invade the income or principal for petitioner under the
following circumstances:
During the term of this Trust, the Trustees shall
invade the current income or principal hereof for the
* * * [petitioner's] health, support, maintenance and
education, including, but not limited to, tuition,
books, room and board, while the * * * [petitioner] is
attending an institution of higher learning. The
Trustees shall also invade the current income or
2(...continued)
Edith Kermer, the income beneficiary of Trust B, as an additional
cotrustee for Trust B only. The will also appointed petitioner
as an additional cotrustee of Trust A, Trust B, and Trust C upon
his reaching the age of 21.
3 The Trust C instrument provides "twenty (20%) percent of
the principal of this Trust (based upon the then current market
value of the same) shall be distributed to the * * * [petitioner]
upon his successful completion of any state bar examination for
the admission to the practice of law." The Trust C instrument
further provides that any remaining principal of Trust C shall be
distributed to petitioner as follows:
(b) One-sixth (1/6) thereof upon attaining the
age of thirty (30) years.
(c) One-fifth (1/5) of the remaining balance upon
attaining the age of thirty-two (32) years of
age.
(d) One-fourth (1/4) of the remaining balance
upon attaining the age of thirty-four (34)
years of age.
(e) One-third (1/3) of the remaining balance upon
attaining the age of thirty-six (36) years of
age.
(f) One-half (1/2) of the remaining balance upon
attaining the age of thirty-eight (38) years
of age.
(g) The entire remaining balance thereof upon
attaining the age of forty (40) years of age.
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