- 3 - basis. From the time PCAB was incorporated until May 1, 1987, decedent was a member of the board of directors of PCAB. On July 28, 1960, all outstanding shares in PCAB were divided between decedent, who held 567 shares, and Nikita Maggos, who held 433 shares. On July 29, 1960, decedent and Nikita Maggos entered into a written “Declaration of Trust”, and decedent conveyed her 567 PCAB shares and certain real property located in Illinois into the trust. As a consequence of decedent’s conveyance of her shares to the trust, PCAB canceled stock certificates representing decedent’s personal ownership of the 567 PCAB shares and issued new certificates for those shares to Nikita Maggos and decedent as cotrustees of the trust. Under the written terms of the trust, decedent and Nikita Maggos were cotrustees and had the following rights and beneficial interests: Decedent had a right to the net income of the trust during her life and had a limited power of appointment over the beneficial shares of the remainder interests among the named residual beneficiaries. The corpus of the trust could be invaded for the care, comfort, medical attention, support, maintenance, or education of decedent, at the discretion of the trustees. Unless the trust was amended, Nikita Maggos, if he survived decedent, was entitled to the corpus of the trust upon decedent’s death. As cotrustees, decedent and Nikita Maggos could jointly, in their sole discretion, revoke or amend thePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011