de Krafft Estate

Klein, P. J.,

On February 16, 1960, William de Krafft executed two irrevocable deeds of trust, designating the trustees of the Public School of Germantown, also known as Germantown Academy, as trustees. The first trust, which is the subject of this audit, was entitled “William de Krafft Trust” (hereinafter referred to as de Krafft Trust). Under its provisions, the settlor assigned to the trustees Connecticut Turnpike Bonds, valued at $50,000, and New Jersey Turnpike Bonds, valued at $300,000. The second trust, which is also presently before us for audit, was entitled “George Hartley…