Estate of Helen Christiansen, Deceased, Christine Christiansen Hamilton, Personal Representative - Page 7




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          her estate among Hamilton, the Foundation, and the Trust,                   
          Christiansen’s lawyers wrote the will to pass everything (after             
          payments of any debts and funeral expenses) to Hamilton.  But the           
          will also provided that if Hamilton disclaimed any part of the              
          estate, 75 percent of the disclaimed portion would go to the                
          Trust and 25 percent to the Foundation.                                     
               Christiansen died in April 2001, and her will was admitted             
          to probate.  Hamilton was named personal representative, and as             
          planned, executed a partial disclaimer.  The disclaimer’s                   
          language is central to this case, and we reproduce the relevant             
          portion here:                                                               
                         A.  Partial Disclaimer of the Gift:                          
                    Intending to disclaim a fractional portion of                     
                    the Gift, Christine Christiansen Hamilton                         
                    hereby disclaims that portion of the Gift                         
                    determined by reference to a fraction, the                        
                    numerator of which is the fair market value                       
                    of the Gift (before payment of debts,                             
                    expenses and taxes) on April 17, 2001, less                       
                    Six Million Three Hundred Fifty Thousand and                      
                    No/100 Dollars ($6,350,000.00) and the                            
                    denominator of which is the fair market value                     
                    of the Gift (before payment of debts,                             
                    expenses and taxes) on April 17, 2001 (“the                       
                    Disclaimed Portion”).  For purposes of this                       
                    paragraph, the fair market value of the Gift                      
                    (before payment of debts, expenses and taxes)                     
                    on April 17, 2001, shall be the price at                          
                    which the Gift (before payment of debts,                          
                    expenses and taxes) would have changed hands                      
                    on April 17, 2001, between a hypothetical                         
                    willing buyer and a hypothetical willing                          
                    seller, neither being under any compulsion to                     
                    buy or sell and both having reasonable                            
                    knowledge of relevant facts for purposes of                       
                    Chapter 11 of the [Internal Revenue] Code, as                     







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