Estate of Marion P. Bradford, Deceased, Lizette L. Pryor, Executrix - Page 30

                                        - 30 -                                        
             in context, is a reference to the noncharitable                          
             beneficiary, as opposed to any beneficiary.  However, even               
             if it is read in that way, the sentence states that death                
             taxes "shall not be charged against or recovered from any                
             recipient or beneficiary of the property taxed".  (Emphasis              
                  Furthermore, we do not agree with the estate's                      
             construction of the trust agreement under which it claims                
             that "all death taxes are to be apportioned to the non-                  
             charitable residual beneficiary of the Trust."  To the                   
             contrary, as we read it the trust agreement, is fully                    
             compatible with decedent's will in directing in paragraph                
             6.02B that death taxes be paid from trust property before                
             the property is allocated between the charitable and                     
             noncharitable beneficiaries.  The estate's reading of                    
             the trust agreement fails to recognize that the trust                    
             agreement makes a distinction between the manner in which                
             a distribution to the noncharitable beneficiary is to be                 
             computed, paragraph 5.04 of the trust agreement, and the                 
             manner in which death taxes are to be paid, paragraph 6.02B              
             of the trust agreement.                                                  
                  Article V of the trust agreement first provides for                 
             the payment of the decedent's debts and expenses (paragraph              
             5.01) and for the distribution of two diamond rings that                 

Page:  Previous  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30  31  32  33  34  35  Next

Last modified: May 25, 2011