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S. GERSON, AND NATIONAL CITY BANK, Trustee (as modified
by my spouse’s Third amendment to said Trust Agreement,
dated July 19, 1973), specifically at paragraph B.3 of
Article III thereof, I am granted a general power to
appoint at the time of my death the property held in Trust
A of my said spouse’s Trust Agreement. I hereby exercise
said power of appointment and direct that all property
subject thereto shall be allocated to NATIONAL CITY BANK,
Trustee, or any successor thereto, under my said 1999
Amended and Restated Revocable Trust Agreement, to be
administered pursuant to the terms of ARTICLE III thereof
(the Grandchildren’s Trust) for the benefit of my
grandchildren and more remote descendants.
ARTICLE III of the Eleanor Gerson Trust established the
Grandchildren’s Trust. Under the terms of the Grandchildren’s
Trust, the corpus of the trust was divided into five equal shares
for the benefit of each of her grandchildren. Two of decedent’s
grandchildren received their shares outright. The shares
allocated to the other three grandchildren were held in trust for
their respective benefit, to be transferred outright to such
grandchild upon the earlier of the grandchild’s reaching the age
of 40 or the twenty-first anniversary of decedent’s death less
one day.
Decedent’s estate filed a Form 706, United States Estate
(and Generation-Skipping Transfer) Tax Return, on July 20, 2001,
along with a Form 8275-R, Regulation Disclosure Statement,
indicating it was taking a position contrary to section 26.2601-
1(b)(1)(i), GST Tax Regs. The corpus of Trust A as of the date
of decedent’s death is listed as Item 1 on Schedule H of the
estate’s return and is valued at $6,244,627.16. The estate’s
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Last modified: May 25, 2011