- 31 - were specifically bequeathed to the decedent's sister (paragraph 5.02). It then directs the successor trustee, in paragraph 5.03, to allocate one-half of the "remaining" trust assets or property to a private charitable foundation for the benefit of the charitable beneficiary. Paragraph 5.03 directs the charitable foundation to hold the church's share for 5 years before distributing it in fee to the church. Finally, paragraph 5.04 directs the successor trustee make a distribution of property to the non- charitable beneficiary "upon the death of the Grantor." The trust agreement describes the share of the noncharitable beneficiary which is to be distributed upon the decedent's death as: "the remaining trust property which remains after providing for all previous distributions and for payment of all expenses of administering such Trust in accordance with provisions of paragraph 6.02 herein for bequests, debts, expenses, and taxes of Grantor's estate". Thus, in computing the one-half share to be distributed to the noncharitable beneficiary 5 years before the charitable beneficiary is to receive its share, paragraph 5.04 requires that the decedent's bequests, debts, expenses, and death taxes be taken into account. It appears that the trust agreementPage: 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