- 8 - During relevant times, Ms. Mattson also served as the appointed conservator for the person and estate of Helen Adams. In this capacity, on September 17, 1999, Ms. Mattson executed a document entitled “DISCLAIMER OF INTEREST IN TRUST PROPERTY”. The writing purported to disclaim “an income interest only in the residue of Trust “A” of the * * * ENGELMAN LIVING TRUST * * * created by a Power of Appointment executed by LEONA ENGELMAN on February 5, 1998”. The estate concedes that this attempted disclaimer was untimely and “is moot”. Discussion I. Inclusion of Trust Assets in the Gross Estate A. General Rules As a general rule, the Internal Revenue Code imposes a Federal tax “on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.” Sec. 2001(a). The taxable estate, in turn, is defined as “the value of the gross estate”, less applicable deductions. Sec. 2051. Section 2031(a) specifies that the gross estate comprises “all property, real or personal, tangible or intangible, wherever situated”, to the extent provided in sections 2033 through 2045. Section 2033 broadly states that “The value of the gross estate shall include the value of all property to the extent of the interest therein of the decedent at the time of his death.” Sections 2034 through 2045 then explicitly mandate inclusion ofPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011