- 9 -
The transfers of property which are in issue in this case
were executed shortly before decedent's death by decedent's
attorneys in fact. Chris Hunt testified that in the summer of
1992 decedent specifically instructed him and Melvin Hammontree
to transfer the annuities in question to the respective
annuitants.2 We found Mr. Hunt's testimony to be credible and
supported by the record as a whole. Shortly before the gifts
were made, some of decedent's nephews became sick, and they
needed money. At that time, decedent decided to give all of the
annuities to the annuitants. Mr. Hunt testified that after he
completed the transfers and so informed decedent, she was “well
pleased” that the transfers were taken care of.
The record provides additional reasons to believe Mr. Hunt's
testimony. The annuities were transferred to the annuitants who
had been chosen by decedent when she originally purchased the
annuities. These 19 annuitants would have become the owners of
their respective annuities upon the death of decedent. Jess
Murphy testified that when contingent owners of two annuities not
in issue predeceased decedent, it was decedent's desire that a
portion of the funds from the annuities go to the heirs of the
contingent owners. Mr. Murphy described decedent as "generous in
2 We focus our inquiry on the annuities in question because
the parties have so focused their arguments. The annuities in
issue are each valued at $10,000, and that is the amount of the
annual exclusions in question. If we find that the transfers of
the annuities were valid inter vivos gifts, we need not discuss
the validity of the other transfers presented here.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011