-6-
Although decedent was devised a life estate in the Weinstock
Residence, due to a careless reading of the will she believed
that she had received a fee simple absolute. At the date of the
devise, the fair market value of the property was $90,000, and
decedent's life estate had a value of $54,470.4
On several occasions prior to 1980, Weinstock gave decedent
and Mrs. Nathan undivided interests in the Weinstock Property.
At the time of her death, on March 3, 1984, Weinstock owned 65
percent and decedent and Mrs. Nathan each owned 17 � percent of
an undivided interest in approximately 28.75 acres of the
Weinstock Property. Weinstock's interest in the 28.75 acres was
devised in equal shares to two trusts created by her will, the
Carolyn Trust and the Betty W. Nathan Trust (the Nathan Trust).
The Weinstock Trusts
On December 5, 1982, Weinstock created trusts for each of
her 10 great-grandchildren (the Weinstock Trusts).5 Each of the
10 trusts were identical except for the name of the beneficiary,
and provided in relevant part:
I. Additional Property. Either the Grantor or any
person, with the consent of the Trustee, may add other
properties to the trust hereby created by transferring such
property to or making such insurance payable to the Trustee
hereunder by deed, assignment, bequest or devise, and if so
4 On Aug. 10, 1984, decedent was 70 years of age. The
value of her life estate is calculated by multiplying the value
of the property by 0.60522. Sec. 20.2031-7A(d)(6), Estate Tax
Regs.
5 Decedent had eight grandchildren, and Mrs. Nathan had
two grandchildren.
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