In the Matter of Estate of Waltz

GARRARD, Presiding Judge.

Frederick Waltz died testate on June 3, 1975. Under his will his brother Robert was a life beneficiary of a charitable remainder trust. In due course Indiana inheritance taxes were determined utilizing actuarial tables to value Robert’s interest. However, Robert was terminally ill at the time of Frederick’s death and, in fact, died eight days later on June 11, 1975.

In accord with a technical advice memorandum issued by the Internal Revenue Service, the estate subsequently petitioned for a reappraisal of Robert’s interest for inheritance tax purposes. The estate…