Thomas v. Elder

Opinion

DOI TODD, J.

Defendants and appellants David DuBois Elder and Michael Olenick, as trustees of the Betty Gross Thomas Trust, appeal from an order granting in part a petition filed by plaintiff and respondent John Thomas, also known as Piri Thomas, to reallocate a $1.2 million trust distribution from principal to income. Appellants contend that under Probate Code section 16350, subdivision (d)(1)(B),1 the distribution amounted to a “partial liquidation” which must be allocated to principal. We conclude that the trial court correctly determined that the amount of the distribution did not…