Estate of Henry A. Lassiter, deceased, Paula Ann Masters Lassiter, administrator, C.T.A. - Page 49

                                        - 49 -                                          
          record contains no disclaimers which reference Mrs. Lassiter’s                
          power to appoint to other, yet undetermined, spouses of                       
               Under one potential interpretation of the Georgia disclaimer             
          statute, no further renunciation would be necessary to eliminate              
          Mrs. Lassiter’s power to distribute to such contingent spouses.               
          Ga. Code Ann. section 53-2-115(c) specifies that disclaimed                   
          interests pass as if the person renouncing had predeceased the                
          decedent.  Accordingly, if all descendants are deemed to have                 
          died before Mr. Lassiter with respect to the inter vivos power,               
          logic would appear to demand closure at his death of the class of             
          possible spousal appointees.                                                  
               Nonetheless, we find it unnecessary to rely solely on this               
          interpretation of State law in that we conclude Mrs. Lassiter’s               
          disclaimer of her inter vivos power, in her individual capacity,              
          was effective and thereby terminated the interests of all                     
          potential appointees.  The parties disagree as to whether Mrs.                
          Lassiter’s retention of a testamentary power of appointment over              
          the trust invalidated her disclaimer of the inter vivos power.                
          We decide, primarily on the basis of section 25.2518-2(e)(2),                 
          Gift Tax Regs., that it did not.                                              

Page:  Previous  36  37  38  39  40  41  42  43  44  45  46  47  48  49  50  51  52  53  54  55  Next

Last modified: May 25, 2011