Estate of Henry A. Lassiter, deceased, Paula Ann Masters Lassiter, administrator, C.T.A. - Page 34

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               Each child and potential unborn or unascertained descendant              
          executed, either personally or through a guardian ad litem, a                 
          disclaimer renouncing “all rights, title, and interest” to income             
          from the residuary trust during Mrs. Lassiter’s life.  The                    
          parties have stipulated that these disclaimers meet the formal                
          requirements of section 2518 and Ga. Code Ann. section 53-2-115.              
          Since both section 2518 and Ga. Code Ann. section 53-2-115                    
          explicitly permit disclaimers of partial interests, we further                
          conclude that neither statute creates any substantive barrier to              
          the valid renunciation of an income interest in a trust.                      
          Regulations promulgated under section 2518 buttress this                      
          conclusion by explaining:                                                     
               For example, if an income interest in securities is                      
               bequeathed to A for life, then to B for life, with the                   
               remainder interest in such securities bequeathed to A’s                  
               estate, and if the remaining requirements of section                     
               2518(b) are met, A could make a qualified disclaimer of                  
               either the income interest or the remainder, or an                       
               undivided portion of either interest. * * * [Sec.                        
               25.2518-3(a)(1)(i), Gift Tax Regs.]                                      
               In addition, we decline respondent’s invitation to question              
          the validity of these disclaimers on the grounds that those                   
          executed by the guardian ad litem failed to protect the best                  
          interests of the beneficiaries.  The renunciations endeavor to                
          preserve in excess of $14 million in a trust naming Mr.                       
          Lassiter’s descendants as the ultimate remainder beneficiaries.               
          Given this potential for future benefit, we are unwilling to find             
          a violation of fiduciary duties.  For similar reasons, we are                 

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