Bank of America, N.A. v. Dudley

We have reviewed the record and are satisfied that the proposed reform, which would create one subtrust that is exempt from the GST tax and one sub-trust that is subject to the tax, is consistent with the settlor’s intent and should be allowed as a matter of Massachusetts law. The settlor appears to have been interested in minimizing tax liability and maximizing the assets to be received by the beneficiaries. “This type of trust reform is relatively minimal and represents a mere ‘fine tuning of the administration of the trust[ ] ... in order to reduce, if not eliminate, the application of the…