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I. Background
The facts are fully stipulated, and the case was submitted
under Rule 122. Decedent died in Georgia. The executors of her
estate live in Georgia.
A. Decedent
Decedent was Mildred Geraldine Letts. Her husband was James
P. Letts, Jr. Their children are James P. Letts III and JoAnne
L. Magbee (formerly JoAnne Geraldine Letts).
B. The Will of James Letts
James P. Letts, Jr. (James Letts, Jr.), signed his will in
1983 and amended it by codicil in 1984. He named decedent, James
P. Letts III, and JoAnne L. Magbee executors.
Item I of his will provided that all of his tangible
personal property was to pass to decedent if she survived him by
30 days. In Item II of his will, he devised the residue of his
estate, after payment of funeral expenses, debts, and expenses of
administration, to decedent and their two children in trust (Item
II trust). The amount of the Item II trust was equal to:
the value of such residue minus the largest amount
which can be withheld from this marital deduction
bequest without increasing the Federal estate tax on my
estate otherwise payable by reason of my death.
The Item II trust authorized decedent to receive all of the
income from the trust for life at least quarterly, authorized
decedent to withdraw up to $40,000 per year, and authorized the
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Last modified: May 25, 2011