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Mr. Posner’s will devised half of his estate to a marital
trust (the marital trust) for decedent’s benefit. Item II of Mr.
Posner’s will created the marital trust, and item XIV set forth
provisions for its administration. Specifically, item II of Mr.
Posner’s will provided:
If my wife, Rose B. Posner, shall survive me, I
give, devise and bequeath to my Trustees, hereinafter
named, in trust and confidence, nevertheless, for the
uses and purposes hereinafter set forth, an amount
equal to one-half (�) of the value of my adjusted gross
estate as finally determined for federal estate tax
purposes, less an amount equal to the value of all
property which passes or has passed to my said wife
either under other provisions of this Will, or outside
of this Will and which qualifies for the marital
deduction allowable for federal estate tax purposes;
provided, however, no assets shall be made a part of
this trust estate which do not qualify for said marital
deduction. This trust estate shall be administered by
my Trustees as a separate trust. * * *
Item XIV of Mr. Posner’s will provided:
Anything in this Will to the contrary
notwithstanding, and whether or not any reference is
made in any other provision of this Will to the
limitations imposed by this Section XIV, my Trustee
shall not have or exercise any authority, power or
discretion over the Marital Trust or the income
thereof, or the property constituting the same, nor
shall any payment or distribution by my Trustee be
limited or restricted by any provision of this Will,
which would in any way (a) adversely affect the
qualification of the Marital Trust, (b) prevent my
estate from receiving the benefit of the maximum
marital deduction, or (c) affect the right of my said
wife to all income therefrom or her right to dispose of
the principal and income thereof in the amount and to
the extent necessary to qualify the Marital Trust for
the marital deduction for Federal estate tax purposes under
the provisions of the law applicable to my estate.
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Last modified: May 25, 2011