Leon L. Zachman and Estate of Ione Zachman - Page 15

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         to BBCA of 60 percent of petitioners’ shares in Hillside Farm was            
         a valid conveyance of petitioners’ economic interests.  To the               
         contrary, at trial petitioner vigorously asserted that he never              
         knowingly authorized or intended any such transfer of shares to              
         BBCA.  Similarly, on brief petitioners argue that “there were no             
         valid transfers to BBCA”.                                                    
              Petitioners argue that Hillside Farm was created for estate-            
         planning purposes to keep the farm together in the family.  It is            
         unclear, however, how the establishment of Hillside Farm would               
         accomplish any such objective.  Under Article III, Section 8 of              
         the Declaration of Trust, if any trust certificate holder dies               
         before termination of the trust, his shares become “null and void            
         and shall immediately revert to the Board of Trustees, who shall             
         thereupon name a replacement beneficiary or beneficiaries”.                  
         Accordingly, the creation of Hillside Farm would have provided               
         petitioners no assurance that the farm would remain in their                 
         family.  To the contrary, under the terms of the Declaration of              
         Trust, absolute power over the disposition of the farm property,             
         either during their lives or upon the death of either petitioner,            
         would have resided with Parnell and Armageddon.  In any event,               
         the expectancy of an estate-planning advantage does not establish            

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