Central Carolina Bank & Trust Co. v. Wright

EAGLES, Judge.

The threshold question here is whether the gift to the Cemala Foundation in section 5.08 of Article V of the amended trust agreement is a general bequest or a residuary devise. This distinction controls the total value of the estate shares to be received by the Cemala Foundation and the individual beneficiaries and the amount of estate taxes paid from the estate. The value of Mrs. Cone’s gross estate for federal estate tax purposes exceeds sixty one million dollars. In granting the summary judgment motion for Martha Cone Wright and Ceasar Cone, III, (“the children”), and the…