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maintenance, the trustee may, after surviving spouse has
exhausted all assets of her own trust, invade the principal
of this trust for the benefit of surviving spouse, in the
trustee’s reasonable discretion. [Fn. ref. added.]
Section Six of the amended trust indicates that the
appropriate Superior Court of the State of California shall have
jurisdiction for all purposes over the testamentary trust.
Section Nine expressly reaffirms and ratifies the 1993 trust, to
the extent that it was not modified or amended by the amended
trust.
On October 13, 1998, the estate filed a Form 706, United
States Estate (and Generation-Skipping Transfer) Tax Return with
the Internal Revenue Service Center in Ogden, Utah. On the
Federal estate tax return, the trustee made the election under
section 2056(b)(7) for the entire trust amount.3 The taxable
estate was computed as follows:
Gross Estate
Add:
Real Estate $0
Stocks and Bonds 129,363
Mortgages, Notes, Cash 5,000
Insurance on decedent’s life 8,354
Jointly owned property 0
Other miscellaneous property 24,500
Transfers during decedent's life 554,812
Powers of Appointment 0
Annuities 458,794
3Estate did not elect out of sec. 2056(b)(7) treatment on
Schedule M (Bequests, etc., to Surviving Spouse) of Form 706.
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Last modified: May 25, 2011