- 20 - residue as a whole,4 the estate has failed to prove the amount of the allowable deduction. See Rule 122(b). The estate at no time offered evidence to establish the value of the foreign residuary assets. The sole allegation regarding a specific dollar figure for the foreign residue appears to be a statement in the uncontested distribution agreement filed by decedent’s beneficiaries in connection with the California spousal property petition, wherein it is recited that “The residue consists of certain property located in Hong Kong having an estimated value of U.S. $600,000.” Such statement is by its very terms an estimate or approximation and falls short of constituting reliable proof. In addition, although both parties seem to have accepted $729,339 as the value of the foreign gross estate, they have not identified the portion of that amount which was administered under the residuary clause of decedent’s will. A similar shortcoming adheres with respect to the assets lists accompanying the Hong Kong CERTIFICATE OF EXEMPTION FROM ESTATE DUTY, which, while included as part of the record, have been offered without further explanation of the relationship, if any, of the enumerated items to the provisions of decedent’s will. 4 It is by no means certain that this argument would prevail. See discussions by the following well-known commentators: 4 Casner, Estate Planning, sec. 13.5.2, at 87 (5th ed. 1988); Manning et al., Manning on Estate Planning, sec. 2.7, at 2-31 (5th ed. 2001); Covey, The Marital Deduction and the Use of Formula Provisions, 95 (2d ed. 1978).Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
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