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second power provided Mrs. Ogden with a discretionary "special"
power of appointment, permitting her to appoint the trust's
principal to any of Mr. Ogden's lineal descendants or their
spouses.2
Shortly after his death on July 13, 1981, Mr. Ogden's estate
transferred certain real property and stock to the trust. Among
the property transferred was a real property located in North
Myrtle Beach, South Carolina known as the Oak Den Trailer Court
(Oak Den). Oak Den had a fair market value of $259,000 on the
date of Mr. Ogden's death. The executor of Mr. Ogden's estate
did not elect the alternate valuation date under section 2032.
Mrs. Ogden died testate on May 11, 1990. Her will had been
prepared by Mr. Williams and was executed on May 14, 1982. Mrs.
Ogden's will was probated, and her estate was distributed
according to its provisions. Mr. Ogden's will directed that the
trust's corpus at the time of Mrs. Ogden's death was to be
distributed according to Mrs. Ogden's will.3
2Specifically, the provision creating the special power of
appointment reads as follows:
My wife, Lucille G. Ogden, shall have the power during
her lifetime * * * to appoint any portion or all of the
principal sum of the trust to any of my lineal
descendants or spouses of lineal descendants, in such
amounts, outright or upon such trust, terms and
conditions as she shall elect. Under no circumstances
may my wife exercise this power in favor of herself,
her creditors, her estate or creditors of her estate.
3Specifically, Mr. Ogden's will reads:
(continued...)
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