- 39 -
T.C. at 674; Estate of Rapp v. Commissioner, T.C. Memo. 1996-10,
affd. 140 F.3d 1211 (9th Cir. 1998); see also sec. 20.2056(b)-
5(f), Estate Tax Regs. The unambiguous language of the 1993 will
allows her only “as much income from such assets as she needs,
for as long as she lives”. (Emphasis added.) The 1993 will does
not mention the marital deduction, nor is there any evidence from
the language of the 1993 will that decedent intended the trust
property to qualify for the marital deduction.
In the context of the trust at issue, the provision for “as
much income from such assets as she needs, for as long as she
lives” gives Jo only such income as she may reasonably need, but
not necessarily all the income that she may demand. See Estate
of Nicholson v. Commissioner, supra at 674. The 1993 will
reveals decedent’s intention that Jo have neither the obligation,
nor the right, to demand “all the income”, or any particular
amount of income, from the trust. The implication of this
language is that Jo’s requirements for income from the trust were
to be evaluated in light of her assets and income from other
sources--such as from the $1,065,420.63 of joint property listed
on the estate tax return. The availability of income from other
sources, her “squirreled-away caches”, the life insurance
proceeds, the contents of the two safe deposit boxes, and the
sizable value of her assets would lower the amount of trust
income she might otherwise need, again indicating that she is not
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