BankBoston v. Marlow

This is an action to reform a written trust agreement brought by BankBoston, trustee of the Elsa O. Marlow Trust (Marlow trust). BankBoston seeks a determination that each of the three subtrusts created under the Marlow trust be divided and administered as two separate trusts, with one to be subject to, and the other exempt from, Federal generation-skipping transfer (GST) taxes. This division, BankBoston contends, will accomplish Marlow’s intention of minimizing Federal transfer taxes, reduce substantially the GST tax payable *284over the life of the trust, conserve assets for the beneficiaries,…