First National Bank of Superior v. Cullen

On this appeal the problems are: (1) Under the will of John J. Cullen, may the trust of $30,000 for the benefit of Michael be set up out of assets of the estate reckoned at their inventory value ? (2) Should a proportionate share of estate and inheritance taxes which have been paid by the executors be charged against the income which Michael is entitled to receive under the will ?

It appears that although the trustees have disposed of certain assets, they have hesitated to convert the bulk of the estate because so1 much of the property is real estate whose value is at present greatly…