In re the Estate of Phelan

A. Franklin Mahoney, S.

This is an appeal from the pro forma order fixing the New York estate tax in this matter in the sum of $2,419.19. Said order was made and entered on June 27, 1966.

In that order an insurance exemption in the amount of $43,899 was allowed. The Tax Commission takes the position that the insurance credit was excessive. The issue was joined in the following manner.

On March 31, 1932, the deceased created an inter vivos trust whereby he delivered over to his wife, Helen Phelan, and the National Commercial Bank and Trust Company of Albany, as trustees, certain policies on his…