Estate of Mary D. Maggos - Page 3

                                        - 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 the                

Page:  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