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accruing to him under Arkansas law. No consideration was paid to
decedent or Mr. Trotter in connection with the transfer.
Following the trust’s creation, none of the beneficiaries
attempted to exercise a right of withdrawal. Decedent and Mr.
Trotter continued to live in the condominium as their primary
residence until decedent’s death on January 31, 1996. No rental
payments were made by decedent and/or Mr. Trotter to the trust
from December 17, 1993, to January 31, 1996. During this period,
decedent paid all occupancy expenses related to the condominium,
including maintenance expenses, utilities, property taxes,
condominium fees, and premiums for insurance coverage. No bank
account was maintained by or for the trust, and, with the
exception of the above-referenced transfer of title to the
condominium, the trust did not receive or distribute any cash or
other property during this time.
As previously indicated, decedent died on January 31, 1996.
Thereafter, for a period of 3 months, Mr. Trotter continued to
reside in the condominium. He made no rental payments to the
trust with respect to his occupancy. During this period, and
until at least June of 1996, the trust expended no funds for
maintenance, utilities, taxes, or fees; received no further cash
or property; and distributed no assets for the benefit of the
beneficiaries.
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Last modified: May 25, 2011