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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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