In re the Estate of Adler

Delehanty, S.

On this executors’ accounting it is necessary to determine how the burden of Federal and State estate taxes shall be borne.

A voluntary trust was created by deceased in her lifetime for the benefit of her daughter. The trust is still operative. Its capital is valued in the tax proceeding at $128,780.15. The daughter’s life interest in the trust is valued as of death of the grantor at $73,329. By the will of deceased her daughter receives a benefit which has been valued at $19,964.23. Under the Tax Law she is entitled to a $5,000 exemption in computing the tax payable on her…