In re the Estate of Siegel

The chief issue tendered by this appeal is whether the income beneficiaries of trusts established under the will of the testator are entitled to recoup, from principal, amounts equal to the estate’s shares in the income of a partnership and a syndicate in which the estate has undivided shares (the subject income was retained by the partnership and by the syndicate for specific purposes). The Surrogate has held that the proper allocation of such income should not be determined until the payments have been actually received by the executors (Matter of Siegel, 44 Misc 2d 668). Appellants (two of…