California First Bank v. Gene Townsend

Opinion

STANIFORTH, J.

The sole issue presented on this appeal is whether Gene Townsend, his wife Florita Townsend and their children (Townsend beneficiaries), shall pay their pro rata share of death taxes consisting of federal estate tax and California inheritance tax attributable to property distributable to them. In response to the petition for instructions respecting distribution of trust assets by trustee California First Bank (Bank), the trial court determined that “the ‘Dodge Property’ does not pass to them [the Townsend beneficiaries] free of estate and inheritance taxes and they must…