Estate of Henry A. Lassiter, deceased, Paula Ann Masters Lassiter, administrator, C.T.A. - Page 42

                                        - 42 -                                          
          to distribute net income at least annually in O.C.G.A. � 53-12-               
          190(c).”  Id. at 97 & n.40.  In contrast, the article highlights              
          and expounds upon alterations in prior law.  See id.                          
               Here then is the situation with which we are faced in                    
          deciding whether Georgia courts would require annual distribution             
          on the facts before us.  In terms of the legal context, we are                
          presented with a State statute that, in connection with its                   
          interpretive history, clearly demonstrates a bias on the part of              
          Georgia lawmakers toward enabling trusts to qualify for the                   
          marital deduction.  Moreover, from a practical standpoint, we                 
          address a situation where any accumulation of income by the                   
          trustee under an ascertainable standard theory would be                       
               The descendants have disclaimed their right to all income                
          earned by the trust during Mrs. Lassiter’s lifetime.  Under the               
          State disclaimer law, they are deemed to have predeceased Mrs.                
          Lassiter as to these sums.  The amounts thus can neither be                   
          distributed to them while Mrs. Lassiter is living nor be added to             
          the remainder interest they will take after her death.  The                   
          surviving spouse, or her estate, is the only possible beneficiary             
          of this income.  The disclaimers have therefore rendered                      
          meaningless any discretion on the part of the trustee to                      
          accumulate income.                                                            
               On balance, we believe that where a standard for                         

Page:  Previous  32  33  34  35  36  37  38  39  40  41  42  43  44  45  46  47  48  49  50  51  Next

Last modified: May 25, 2011