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health, education * * * and support in reasonable
comfort of the said beneficiary and the children of the
beneficiary. * * *
* * * * * * *
In addition to the income payments provided in
paragraph above, the Trustees may distribute all or any
of the principal of the Trust hereinabove created to or
for the benefit of the said beneficiary and the
children of the said beneficiary, in such amounts, at
such times, in such manner, and in such proportions,
* * * as the Trustees shall in their discretion deem
advisable for the health, education * * * and support
in reasonable comfort of the said beneficiary and the
children of the beneficiary. * * *
* * * * * * *
C. The trust shall terminate upon the twentieth
anniversary of the death of the Grantor. * * *
Mrs. Lockett composed the Historic Site Language and
directed Mr. Lanier to include it in the Trust Agreement.
Mrs. Lockett also discussed her intentions with respect to the
Historic Site Language with Mr. Lanier.
3. Disposition of Estate Property
Prior to the death of decedent, the Trust owned a portion of
Basinger, Fishbranch in its entirety, and the cattle ranch
located at Fishbranch, including livestock, equipment, and
vehicles used in the business. After decedent's death, pursuant
to the pour over provision of the Will, the Trust became the
owner of the entire Basinger tract.
At decedent's death, the cattle business was encumbered by
mortgage indebtedness of approximately $200,000. Shortly
thereafter, petitioner was faced with Federal estate tax
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Last modified: May 25, 2011