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Decedent’s spouse, Sarah Katz, was named executrix of the estate
and likewise resided in New Jersey at the time the petition in
this case was filed.
On February 8, 1991, decedent executed a Last Will and
Testament (decedent’s will). On November 23, 1998, decedent’s
will was admitted to probate by the Surrogate of Essex County,
New Jersey.
Decedent’s will provides, in relevant part:
THIRD: (A) If my wife, SARAH KATZ, shall survive
me, I give, devise and bequeath to my trustees, IN
TRUST, NEVERTHELESS, a legacy in an amount equal to the
aggregate federal estate tax exemption equivalent, as
hereinafter defined, in effect at my death. This
amount shall not be reduced on account of any
disclaimer by my wife. As used in this will, the term
“aggregate federal estate tax exemption equivalent”
refers to the maximum amount of property subject to
federal estate tax that can be transferred at my death
without incurring any federal estate tax (without
regard to property that qualifies for the federal
estate tax marital or charitable deductions), as a
result of all credits against federal gift and estate
taxes available to my estate at my death, diminished by
the value of all other property which shall be included
in my gross estate for federal estate tax purposes and
which passes or has passed to any person (other than
property passing to my wife or any charitable
beneficiary in a manner that qualifies for the federal
estate tax marital or charitable deductions), either
under any other provisions of this will or in any other
manner. For the purposes of this definition, if the
use of all credits against federal gift and estate
taxes available to my estate would increase the amount
of any tax payable to any state on account of my death,
then I direct that such credits be used only to the
extent they do not increase such state death taxes.
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