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and unqualifiedly disclaims, renounces and refuses any
directive, power or authority that may be said to exist
to withhold from the income beneficiary or accumulate
income as Trustee under the Residuary Trust during the
lifetime of the surviving spouse; (iv) irrevocably and
unqualifiedly disclaims, renounces and refuses any
directive, power or authority that may be said to exist
to acquire or retain unproductive property during the
lifetime of the surviving spouse without the surviving
spouse’s consent; and (v) irrevocably and unqualifiedly
disclaims, renounces and refuses any directive, power
or authority that may be said to exist to treat any
receipt or other item as principal which is properly
treated under applicable law as income.
Additionally, attached to the trustee’s disclaimer is a
statement declaring that “The Decedent’s Descendants hereby join
in and consent to the provisions set forth in this RENOUNCEMENT
OF SUCCESSION AND DISCLAIMER OF PROPERTY”. The consent statement
is signed by Cathy, Cindy, Christy, Jack R. Hancock as guardian
ad litem for Cheryl, and Jack R. Hancock as guardian ad litem for
unborn and unascertained descendants.
The Trust Assets
At the time the 1970 will was executed, the Lassiters were a
young couple with one child and no income-producing assets. As
of Mr. Lassiter’s date of death, the assets passing to his estate
and utilized to fund the trusts created under his will consisted
primarily of the following: (1) 98 percent of the class A common
stock (voting) and 100 percent of the class B common stock
(nonvoting) in Micro Design International Holding, Inc., and
Subsidiaries (MDI); (2) 100 percent of the common stock (voting)
in Lassiter Properties, Inc. (Lassiter Properties); (3) partner
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Last modified: May 25, 2011