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left to Rod was such amount as would equal one-half the value of
decedent's farm land as valued for Iowa inheritance tax purposes
which, in general, is fair market value.5 After certain other
small bequests, the residue of decedent's estate was to go to her
three children, Rosemary, Rod, and Thomas, in equal shares. Rod,
his wife, and their children were also given the first right to
purchase the residual balance of the bank stock not passing to
him; i.e., the portion of the stock passing to the residual
beneficiaries other than Rod.6
In July 1986, decedent executed a codicil to her will that
struck all bequests to Rod individually and instead made these
bequests to a spendthrift trust, the Rodney B. Amlie Trust (Rod
Amlie Trust), created by the codicil for the benefit of Rod.
In 1988, decedent realized she was having difficulty
managing her financial affairs, so she filed a voluntary petition
for appointment of a conservator. Decedent's initial conservator
resigned in 1993 and was replaced by Boatmen's Bank of Iowa, N.A.
Decedent remained a ward of the conservatorship for the remainder
of her life.
5 See Iowa Code sec. 450.37 (1998 & Supp. 2005). The basis
on which to value the bank stock for purposes of this bequest was
not addressed in the will.
6 The price at which Rod and his family members were
entitled to purchase the residual balance of the back stock was
not addressed in the will.
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