- 4 - were publicly traded stock valued at $1,335,344; mortgages, notes, and cash in the amount of $67,632; and life insurance in the amount of $400,740. On the date of his death, decedent also owned a 3,489-acre irregularly shaped parcel of real property known as Cane Mill Plantation (Cane Mill) located in Dougherty County, Georgia. Under the terms of decedent's Last Will and Testament (will), Cane Mill was left in trust for his 4 children. Cane Mill is composed of property having the following characteristics: Land Class Acres Irrigated cropland 160 Dry cropland 378 Pasture land 22.2 Upland timberland 2,378.3 Bottom timberland 550.8 Total 3,489.3 The highest and best use of Cane Mill for all relevant times in this case was for the production of merchantable timber and crops and as a hunting preserve. Decedent's Irrevocable Insurance Trust (Trust) held an insurance policy on decedent's life in the face amount of $2 million. After decedent's death, the Trust collected the insurance proceeds and interest earned thereon for an aggregate amount of $2,011,562. Item Seven of decedent's will provides in pertinent part that "Any and all estate or inheritance taxes shall be paid fromPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011