- 14 - South Property. By substantially identical quitclaim deed, the limited partnership conveyed to Walter and the QTIP trustee undivided 58-percent and 42-percent interests, respectively, in all of the limited partnership’s “right, title, and interest” to the North Property. In a letter dated October 7, 1988, Walter and Betty confirmed to the QTIP trustee the terms of the termination agreement. The letter states that in consideration of the QTIP trustee’s agreement that Betty shall have “the use of the entire South Property” and that Walter shall have “the use of the entire North Property”, Betty and Walter each agree to pay any and all ad valorem taxes with respect to their respective parcels, for so long as the QTIP trustee should own any right, title, or interest in their respective parcels. Property Held by the QTIP Trust at Decedent’s Death On December 26, 1993, the date of decedent’s death, the QTIP trust held a 42-percent undivided interest in the South Property, a 42.9-percent interest6 in the North Property, and two 6 After 1988, in an isolated transaction between the QTIP trustee and Walter, the QTIP trust’s interest in the North Property was increased to 42.9 percent and Walter’s interest in the North Property was decreased to 57.1 percent.Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
Last modified: May 25, 2011