- 3 - decedent bequeathed the residue of her estate 50 percent to Mr. Miller and 50 percent to the trust. With respect to the estate tax, article II of the will provided: I direct that all estate, inheritance, transfer and succession taxes, including interest and penalties thereon * * *, if any which may be lawfully assessed by reason of my death, with respect to any of my property, whether or not such property passes under the terms of this Will and including the proceeds of life insurance on my life, shall be borne by my residuary estate. Such payment shall be made as an expense of administration without apportionment and without contribution or reimbursement from anyone whomsoever, including beneficiaries of policies of insurance on my life. [Emphasis added.] Section 10.1.13 of the trust referred to payment of estate tax, as follows: Power to Aid Estates of Grantors: The Trustee, if funds or property be available and unless otherwise directed by the Will of either Grantor, may within his discretion pay any portion of the Estate, inheritance, legacy and transfer taxes levied by reason of the death of either Grantor including any part thereof which is attributable to the Trust Estate. Such amounts so paid shall be made only from that portion of the Trust Estate that shall be then includable in the taxable Estate of the decedent against whom such taxes are assessed, and shall not be made out of property excluded from the taxable Estate of the decedent in question * * *. The Trustee shall also cooperate with the executor or administrator of the Estate of either Grantor, in making funds available to either of such Estates in order to assist in the payment of any such taxes * * *. In the will, decedent appointed Jerry D. Walker (Walker) independent executor of the estate and trustee of the trust.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011