Estate of Henry A. Lassiter, deceased, Paula Ann Masters Lassiter, administrator, C.T.A. - Page 33




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               the renunciation relates back for all purposes to the date               
               of death of the decedent or the donee, as the case may be.               
                         *     *    *    *    *    *    *                               
                    (h) Nothing in this Code section shall be deemed                    
               to alter the duties or responsibilities of any                           
               fiduciary to act in the best interests of the person or                  
               persons the fiduciary represents.  However, nothing                      
               contained in this Code section shall be deemed to limit                  
               the authority granted by this Code section to the                        
               fiduciary to renounce an interest in property.  [Ga.                     
               Code Ann. sec. 53-2-115 (1997).]                                         
               A.  All Income Payable Annually                                          
               We now evaluate the factual circumstances before us in light             
          of the above-quoted statutory mandates.  The first requirement                
          specified for a qualified income interest for life is that the                
          surviving spouse be entitled to all income from the property,                 
          payable at least annually.  See sec. 2056(b)(7)(B)(ii)(I).  At                
          minimum then, no interest can qualify for QTIP treatment if any               
          person other than the surviving spouse is entitled to income                  
          distributions during the spouse’s lifetime.  The Item V trust,                
          however, provides a mechanism by which the Lassiter children or               
          their descendants may receive trust income while Mrs. Lassiter is             
          living.  The trustee is authorized to make such distributions for             
          the children’s support and education.  Unless properly                        
          disclaimed, these interests will be fatal to the marital                      
          deduction.                                                                    










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