Estate of Marion P. Bradford, Deceased, Lizette L. Pryor, Executrix - Page 34

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             As a result, no probate assets are available for                         
             distribution to the trust, and no probate assets are                     
             available for allocation to the charitable gift or bequest               
             to the Millbrook United Methodist Church.                                
                  In addition, as mentioned above, the total deductions               
             from the probate estate exceed the gross probate assets by               
             approximately $100,000.  This shortfall in the assets of                 
             the probate estate must be satisfied from the trust                      
             property, either as an "insufficiency" pursuant to                       
             paragraph 1.03 of the will, and paragraph 6.02B of the                   
             trust agreement, or as a recovery from the trust under                   
             section 2207B(a), on the ground that the value of property               
             is included in the gross estate by reason of section 2036.               
             If the shortfall is treated as an insufficiency under                    
             paragraph 1.03 of decedent's will, then the trust agreement              
             governs whether death taxes will burden that amount.  On                 
             the other hand, if the executrix can recover the shortfall               
             from the trust under section 2207B(a), then the right to                 
             such recovery would be another asset of the residuary                    
             estate, and no resort to the trust agreement would be                    
                  It is unnecessary for us to decide, in this case,                   
             which of the two applies because the result would be the                 
             same whichever applies.  As discussed above, the trust                   

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Last modified: May 25, 2011