- 5 - lesser of the (i) the actual amount contributed by each transferor during the calendar year of the creation of the trust, or (ii) $10,000.00 per transferor. If an additional contribution to principal is made to the trust in a calendar year subsequent to the year in which the trust is created, each grandchild then living shall have the power, in his/her sole discretion commencing with the date of such addition, to withdraw property then belonging to the principal of the trust (including the property constituting the addition) having a value equal at the time of withdrawal to the value of the addition to trust (at the time of such addition) immediately after the time of addition, provided that the individual making the addition shall have the right by a written instrument filed with the Trustee to (i) exclude any individual who would otherwise have a power of withdrawal from exercising such power, (ii) increase or decrease the amount subject to any power of withdrawal except that the amount subject to all withdrawal powers shall not exceed the amount of the addition, or (iii) to change the period during which any power of withdrawal may be exercised. The Trustee shall notify in writing each person having a withdrawal power [or a legal guardian or parent thereof] advising each such person of the existence of the withdrawal power and such notification shall be made promptly after the creation of the trust or after an addition is made in a calendar year subsequent to the year of creation of the trust. * * * Each such person receiving notification from the Trustee shall have thirty (30) calendar days (or in the case of an addition, such other period determined by the individual making the addition) after receiving such notification to exercise the power by a written instrument delivered to the Trustee * * * Subsequently, on December 22, 1993, decedent signed a warranty deed transferring title to Apartment 3S of the Westriver Townhouses to the trust. Such property was the condominium in which decedent and Mr. Trotter resided. In addition, although Mr. Trotter was not an owner of the condominium, he also signed the warranty deed to release any spousal rights in the propertyPage: 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