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after Mr. and Mrs. DiSanto died. In the settlement, MD&F agreed
to pay an amount not stated in the record to press the fabric at
issue and to waive the right to receive the $300,000 payment.
C. Mr. DiSanto’s Estate and Will
When he died, in addition to owning 186,177 shares of MD&F
stock, Mr. DiSanto also had other probate assets worth $201,395.
In his will, Mr. DiSanto directed that the residue of his
estate go to a trust for the benefit of his wife and children
(Trust B). In his will, he directed that the residue include
only assets that qualify for the marital deduction or proceeds
from the sale of those assets, and that any unified credit be
used against the estate tax. Mr. DiSanto's will gave discretion
to his executor to sell or dispose of any property in his estate.
D. Mrs. DiSanto’s Disclaimer
On May 14, 1993, Mrs. DiSanto disclaimed her right to
inherit from her husband $1,325,000 worth of his MD&F stock based
on per share values “as finally determined on the Federal estate
tax return”. She also disclaimed her right to withdraw the
greater of 5 percent of the value or $5,000 from Trust B. As a
result of the disclaimer, the only asset in the residuary of Mr.
DiSanto's estate that Mrs. DiSanto could inherit was a minority
interest in MD&F stock.
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Last modified: May 25, 2011