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E. Administration of Decedent's Estate
When decedent died, her estate consisted primarily of
jewelry and an extensive collection of European paintings and
furniture and oriental porcelains.
The Probate Court of Cuyahoga County, Ohio, probated
decedent's will. Decedent's will directed that her jewelry be
sold and that the proceeds be distributed to charities. The art
objects were to be offered to the Cleveland Museum of Art, which
had the right of selection. The balance was to be sold, and the
proceeds were to be distributed to charities. Decedent's will
required that her estate pay her estate and death taxes.
Decedent's will required Trust B to pay to her estate the amount
certified by Alexander to the Trust B trustee to be the
difference between the estate taxes with Trust B included in the
gross estate and the estate taxes without Trust B.
In her will, decedent partially exercised her power of
appointment over Trust B by appointing $2 million to Trust A and
by requiring Trust B to pay to her estate $4,581,645.04 in
Federal and Ohio estate and death taxes attributable to the
inclusion of Trust B in her estate. In her will, decedent also
authorized her executor to sell any of her estate's assets as he
deemed necessary without obtaining the approval of any court or
person.
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