HomeMy WebLinkAbout0218 ARTICLE 3 - GRANTOR'S DEATH
Upon the Crantor's death if the Grantor's spouse~ GUDRUN HANSEN
survivea the Grantor, the Trustees shall divide the property held
hereuader, including any property received under the Grantor's vill or
otherWise, into t~?o separate parts to be designated as the GUDRUN HANSEN
SHARE and the ARTHUR B. HANSEN FAMILY TRUST~ respectively.
ARTICLE 4- THE GUDRUN HANSEN SHARE
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The GUDRUN HANSEN SHARE ahall be distributed outright to the
Grantor's spouse~ GUDRUN HANSEN. Thia GUDRUN HANSEN SHARE ahall be a
fractional ahare of the Grantor's Trust~ calculated as follo~rss
1. The numerator shall be the maximum marital deduction
allowable in determining the federal estate tax payable
by reasoa of Grantor's death. minus the value of all other
propertq interesta included in Grantor's grose eatate for
federal eatate tax purpo~es which pasa or have passed to or
for the benefit of Grantor's apouse~ either under the Grantor's
will otherWi.se thaa by the terms of this Article in such ~anaer
as to qualify for and be allowed as a marital deduction.
2. The denominator of the fraction shall be the value of the
aforesaid property held hereunder.
; In makin~ the computation necessary to dete~rmine euch fractional
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; share, the final determinations in the federal estate tax proceedinge in
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~ the Grantor's estate shall control; and such share shall not be reduced bq
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~ any estate~ inheritance. transfer, succeseion or like taxes. ~ihenever
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uaed in this Article~ the ~rords marital deduction~ pass~ and groae
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~ estate" shall have the same meaning as said w~ords have uader the provfsions
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~ of the Federal Internal Revenue Code applicable to Grantor's estate.
Unly assets which qualify for the aaarital deduction ehall be allotted
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~ to this SNARE to the extent~ also, that other assets qualifqing for the
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~ marital deduction are available. thie SHARE shall not be eatisfied by the
~ distribution of:
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1. Aseets aith respect to which a credit for foreign taxes _
_ paid is a1loWable under the Internal Revenue Code; or
2. Assets which may be sub~ect to both income and estate taxea
- and which iaay be eligible for a credit or deduction.
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