Helvering v. Reybine

MANTON, Circuit Judge.

Alpheus Reybine had four policies of insurance issued on his life in June, 1925, in each of which he reserved the right to change the beneficiary. He then established three irrevocable trusts, one for each of his three children, naming as trustees the United States Mortgage & Trust Company and William B. Ward. The policies were next assigned to the trustees by a change in the beneficiary clauses designating the trustees as beneficiaries in each of the four policies. In two of them, the Pennsylvania Mutual and the Berkshire Life policies, the insured waived the right to…