Estate of Eugene E. Stone, III, Deceased, C. Rivers Stone, E.E. Stone, IV, Mary Stone Fraser & Rosalie Stone Morris, Co-Personal Representatives - Page 68

                                       - 53 -                                         
               funeral expenses, any unpaid expenses of my last ill-                  
               ness, and the cost of a suitable tombstone or marker                   
               for my grave.  Such debts and expenses shall first be                  
               paid out of and charged against the EUGENE E. STONE,                   
               III LIMITED PARTNERSHIP, or any proceeds received by my                
               estate from any individual retirement account or de-                   
               ferred compensation.  In the event these sources of                    
               funds are insufficient to pay such debts and expenses,                 
               then such remaining debts and expenses shall be paid                   
               out of and charged equally against the limited partner-                
               ships established by me for my children.  In the event                 
               there are insufficient assets in a limited partnership                 
               established by me for a child of mine to pay an equal                  
               amount of such remaining debts and expenses, then the                  
               child of mine who received or receives an interest in                  
               such limited partnership, or such child’s estate, as                   
               the case may be, shall be responsible for the payment                  
               of an equal amount of any such remaining debts and                     
               expenses. * * *                                                        
                    (3) Taxes. * * *                                                  
                    (a) Except as provided * * * below, I direct that                 
                         all estate, generation-skipping transfer,                    
                         inheritance, transfer, succession, death, or                 
                         similar taxes which may be assessed or im-                   
                         posed upon or with respect to any interest in                
                         a limited partnership established by me for a                
                         child of mine which is included in my gross                  
                         estate for the purpose of such taxes * * *                   
                         shall be paid out of and charged against such                
                         limited partnership, and shall not be charged                
                         against the marital deduction.  In the event                 
                         there are insufficient assets in a limited                   
                         partnership established by me for a child of                 
                         mine to pay such taxes, then the child of                    
                         mine who received or receives an interest in                 
                         such limited partnership, or such child’s                    
                         estate, as the case may be, shall be respon-                 
                         sible for the payment of any such remaining                  
                         taxes.                                                       
                    (b) Except as provided in Paragraph (3)(c) below,                 
                         I direct that any taxes which may be assessed                
                         or imposed by Section 2035(c) of the Internal                
                         Revenue Code, as amended, or corresponding                   
                         provision of state law, including any inter-                 
                         est or penalties thereon, as a result of any                 





Page:  Previous  43  44  45  46  47  48  49  50  51  52  53  54  55  56  57  58  59  60  61  62  Next

Last modified: May 25, 2011