Estate of Pearl I. Amlie, Deceased, Rodney B. Amlie, Executor - Page 4

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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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