Leveraging Defined Value Clauses to Mitigate Estate and Gift Tax Drafting Formula Clauses and Donee Selection Post Petter

Transcription

1 Presenting a live 110 minute teleconference with interactive Q&A Leveraging Defined Value Clauses to Mitigate Estate and Gift Tax Drafting Formula Clauses and Donee Selection Post Petter TUESDAY, MAY 31, pm Eastern 12pm Central 11am Mountain 10am Pacific Today s faculty features: Michael Whitty, Shareholder, Vedder Price, Chicago Susan M. Holzman, Shareholder, Orloff Lowenbach Stifelman & Siegel, Roseland, N.J. David J. Slenn, Akerman Senterfitt, Naples, Fla. Attendees seeking CPE credit must listen to the audio over the telephone. Please refer to the instructions ed to registrants for dial-in information. Attendees can still view the presentation slides online. If you have any questions, please contact Customer Service at ext. 10.

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5 Leveraging g Defined Value Clauses to Mitigate Estate t and Gift Tax Opportunities After McCord, Christiansen, and Petter Susan M. Holzman David J. Slenn Michael D. Whitty Strafford Webinar Tuesday, May 31, 1:00pm-2:50pm EDT

6 Why Use Defined Value Clauses? Not all assets have an easily determined value for transfer tax purposes. Transferors should be able to use some technique to protect themselves against unanticipated gift taxes. Those techniques where defined value clauses are clearly l authorized by statutes t t or regulations are not appropriate for every situation. ti May 31, 2011 Page 6

7 Defined Value Clauses: A Working Definition Defined Value Clause: A clause that minimizes or eliminates transfer tax liability arising from the transfer of assets to recipients, by applying a value-based formula as part of a condition precedent to determine how the transferred assets are allocated among recipients other than the transferor. May 31, 2011 Page 7

8 Defined Value Clauses: A Working Definition The defined value clause can be contrasted with a revaluation clause that, based on a condition subsequent, causes: a recission i (rendering void) or revocation of fthe original transaction ( whoops, never mind ), a reversion of all or part of the transferred assets to the transferor ( send some of that back now ), or a retroactive adjustment to consideration in a transaction ti that t was structured t as a sale or part gift, part sale, or creates consideration where no consideration existed before. May 31, 2011 Page 8

9 Defined Value Clauses: More Working Definitions Transferor: The party making a transfer by gift, bequest, or sale, who (absent a net gift agreement) will bear any resulting transfer taxes (gift, estate, GST taxes). Taxable Transferee: A transferee not eligible for a transfer tax exclusion, exemption, or deduction with respect to the transferor. Non-Taxable Transferee: A transferee eligible for a transfer tax exclusion, exemption, or deduction d with respect to the transferor. May 31, 2011 Page 9

10 Defined Value Clauses: More Working Definitions Fixed Share: In a transfer subject to a defined value clause, the share of the transferred property that is fixed by amount or formula based on the ultimate determination of the value of the transferred property. The fixed share is typically transferred to the taxable transferee. Variable Share: In a transfer subject to a defined value clause, the share that is not fixed, and that would receive any excess value if the subject property s value is ultimately determined to be more than the original estimate. The variable share is typically transferred to the non-taxable transferee. Excess Value: The excess, if any, of the transferred property s ultimately determined value over its originally estimated value. May 31, 2011 Page 10

11 Defined Value Clauses: Fact Pattern for Case Study Howard and Wendy are a married couple in their 50s. They have three children, Debra, Steven, and Diana, who range in age from 17 to 27. Debra is married and is expecting her first child. Howard works as a senior executive for Management Corporation, Inc., a privately-held corporation that provides commercial real estate management services. Howard owns stock in Management Corporation. Howard does not have a controlling interest, and the other shares of stock in Management Corporation are owned by unrelated individuals. Howard s shares are subject to various transfer restrictions imposed by unrelated parties pursuant to a Shareholders Agreement. May 31, 2011 Page 11

12 Defined Value Clauses: Fact Pattern for Case Study Howard s stock in Management Corporation is hard to value with any precision since the stock is not publicly traded. Howard has some idea of the value based on conversations with other senior management and a review of the financial statements. The stock in Management Corporation is not registered, so there are additional restrictions imposed by the SEC. Management Corporation has never paid a dividend, but its revenues are increasing rapidly, and there is talk around the office about the possibility of going public. Howard thinks that his stock in Management Corporation is worth approximately $15.0 million now (before taking any discounts for a minority interest and lack of marketability), and he expects his stock to be worth significantly more if the company goes public. May 31, 2011 Page 12

13 Defined Value Clauses: Fact Pattern for Case Study Howard earns between $1.0 million and $2.0 million each year, including his salary from Management Corporation. He and Wendy own two homes and have significant living expenses, including Steven s current college expenses and Diana s upcoming college expenses. Although Howard and Wendy s marketable securities and bank accounts have a value in excess of $10.0 million, they are concerned about tthe impact tthat tmaking large gifts would ldhave on their ability to continue to support their lifestyle, especially after Howard stops working. Notwithstanding t that t concern, they are interested t in shifting the future appreciation in a substantial portion of the Management Corporation stock out of their estates to or for the benefit of their children and grandchildren. May 31, 2011 Page 13

14 Defined Value Clauses: Fact Pattern for Case Study In 2005 Howard s father Hubert established an irrevocable trust for each of Howard and Wendy s children (the Hubert Trusts ). Howard is the trustee of each of those three trusts. Each trust has marketable securities with a value of approximately $500,000. In 2007 Howard established an irrevocable trust, which owns a large second-to-die life insurance policy on Howard and Wendy s lives (the 2007 Trust ). The annual premium is $40,000. The 2007 Trust is a grantor trust for income tax purposes. Howard and Wendy have each used approximately $100,000 of their respective GST exemptions in connection with contributions to the 2007 Trust, and they each expect to continue to allocate GST exemption at the rate of approximately $20,000 each year. Upon each contribution to the 2007 Trust, each child has a withdrawal right equal to the greater of $5,000 or 5% of the value of the assets in the 2007 Trust. Howard and Wendy have each made taxable gifts of approximately $62,500 in connection with contributions to the 2007 Trust, and, based on the current assets in the 2007 Trust, Howard and Wendy expect to continue to make annual taxable gifts to the 2007 Trust for several years. May 31, 2011 Page 14

15 Defined Value Clauses: Case Law Procter Comm r v. Procter, 142 F.2d 824, 32 AFTR 750 (4th Cir. 1944), cert. den. 323 U.S. 756 (1944) Procter involved a transfer agreement including a reversion to the donor, based on a condition subsequent (in this case, a subsequent determination of gift tax liability). [I]t is agreed by all the parties hereto that in that event the excess property hereby transferred which is decreed by such court to be subject to gift tax, shall automatically be deemed not to be included in the conveyance in trust hereunder and shall remain the sole property of Frederic W. Procter free from the trust hereby eby created. This condition was held to be against public policy, as it thwarted gift tax enforcement efforts and would require a court to pass on a moot case, and therefore the condition was disregarded for gift tax purposes. May 31, 2011 Page 15

16 Defined Value Clauses: Case Law King King v. United States, 545 F.2d 700 (10th Cir. 1976) King involved a sale of closely-held company stock to family trusts. The sale was subject to a price adjustment clause, rather than a reversion. The price adjustment clause stated that if the fair market value ( FMV ) of the stock were ever determined by the IRS to differ from the FMV as determined for the agreement, the purchase price would be adjusted to the FMV determined by the IRS. The Tenth Circuit: it concluded that the parties intended a sale for full and adequate consideration, and acted consistently with that intent, noted that the transferor s estate was not diminished by the price adjustment clause, and distinguished the facts from Procter and cases involving recissions or reversions. The Tenth Circuit upheld the district court s decision to give the price adjustment clause effect for gift tax purposes. May 31, 2011 Page 16

17 Defined Value Clauses: Case Law Harwood Harwood v. Comm r, 82 TC 239 (1984), aff d without published opinion 786 F.2d 1174 (9th Cir. 1986) Taxpayer attempted to prevent gift tax using a savings clause triggered by a determination that the gift tax value exceeded a target gift amount, and requiring the trustee to issue a promissory note for the difference to make it a part-gift, part-sale. Although Procter was found not to be applicable to the facts of this case, the Tax Court disregarded the price adjustment provision requiring a promissory note, in part because the transferor and trustee of the transferee trust weren t honoring it themselves. Following the IRS s notice of deficiency, which met the definition of a final determination, the promissory notes should have been issued, but had not been issued. Both the Tax Court in Harwood and dthe dissent tin King cited Estate t of Reynolds v Comm r, 55 T.C. 172 (1970) for the proposition that transactions within a family group are subject to special scrutiny, and the presumption is that a transfer between family members is a gift. May 31, 2011 Page 17

18 Defined Value Clauses: Case Law Ward Ward v. Commissioner, 87 T.C. 78 (1986) Ward involved a transfer adjustment based on a condition subsequent (gift tax revaluation) that might result in shares going back to the transferor; following Procter, it was rejected as being against public policy. Knight Knight v. Comm r, 115 T.C. 506 (2000) Attempted to use a defined value clause in the instrument transferring family partnership units. Taxpayers ignored the defined d value clause in both implementation and gift tax reporting, so court did likewise. May 31, 2011 Page 18

19 Defined Value Clauses: Case Law McCord McCord v. Comm r, 120 T.C. 358 (2003), rev d 461 F.3d 614 (5th Cir. 2006). McCord involved a gift of closely-held l ld business interests to children and charities, with a fixed share to children, and the variable share to charity. The plan, designed by Stacy Eastland (then at Baker & Botts LLP) used a condition precedent, with all of the transferor s s interest irrevocably transferred, and the formula only defining how much was allocated between the tax-sensitive gift/sale portion and the gift to charities that would receive any excess value. Bad facts the charity was bought out at a steep discount soon after the gift did not defeat the plan in the courts. The Tax Court found the formula clause deficient because the term fair market value was not followed by as finally determined d for Federal gift tax purposes. Tax Court went on to say that if the formula had been structured so that each donee had an enforceable right to a fraction of the gifted interest as finally determined for Federal gift tax purposes, p the Court might have reached a different result. May 31, 2011 Page 19

20 McCord (continued) Defined Value Clauses: Case Law Taxpayer appealed Tax Court decision. An after-the-fact Confirmation Agreement entered into by the donees, which had been considered by the Tax Court, was determined by the Fifth Circuit to have no bearing on the value of the gifted interests. Fifth Circuit: Regardless of how the transferred interest was described, it had an ascertainable value on the date of the gift. The IRS surprisingly withdrew its Procter public policy argument on appeal, focusing instead exclusively on the valuation issues. The Fifth Circuit ruled that the IRS had not met its burden of proof on the valuation methodology. The case was remanded for judgment consistent with the Fifth Circuit s conclusion, and the issue of the defined value clause was rendered moot. The overall result was mixed, mostly favorable to this taxpayer, but not a clear victory for defined d value clauses. May 31, 2011 Page 20

21 Defined Value Clauses: Case Law Christiansen Estate of Christensen v. Comm r, 130 T.C. No. 1 (2008), aff d 586 F. 3d 1061 (2009) Christine Christiansen Hamilton disclaimed a portion of her interest under her mother s Will equal to a fraction of that interest, the numerator of which was the fair market value ( FMV ) FMV) of the gift on April 17, 2001 less $6,350,000, and the denominator of which was the fair market value of the gift on that date. FMV was determined based on the price that the interest would change hands under willing buyer/willing seller standard as finally determined for federal estate tax purposes. In addition, there was a savings clause in the disclaimer that provided that to the extent the disclaimer was not a qualified disclaimer, i Christine would take whatever actions were needed to cure the problem. Pursuant to the terms of the Will, the disclaimed interest passed 75% to a charitable lead annuity trust and 25% to a private foundation. May 31, 2011 Page 21

22 Defined Value Clauses: Christiansen (continued) Case Law The IRS and the estate stipulated to a higher value for the limited partnership interests included in the estate than the value reported on the estate tax return, and, therefore, the Tax Court did not address valuation issues. Although the formula disclaimer of the excess over a pecuniary amount was found not to be a qualified disclaimer with respect to the portion passing the CLAT (since the disclaimant retained a contingent remainder interest in the CLAT), and the disclaimer savings clause was held to be ineffective, the Tax Court held that t the formula adjustment t clause itself was respected to increase the charitable deduction to reflect the increase in the value of the estate s property going to the foundation. This plan involved no unwinding of the transfer; the estate tax valuation adjustments merely reallocated value among Christine, the CLAT, and the foundation. The IRS raised its Procter-type public policy arguments, but the court rejected them. May 31, 2011 Page 22

23 Defined Value Clauses: Case Law Petter Estate of Petter v. Comm r, T.C. Memo (Dec. 7, 2009) (a case worth reading in its entirety, including the footnotes) Transferor funded an LLC with UPS stock. Pursuant to one formula, Transferor disposed of a specified number of LLC units in a series of gift transactions: Transferor contributed LLC units to two intentionally defective grantor trusts (the Trusts ), with each Trust receiving units with a value as finally determined for federal gift tax purposes equal to one-half of the amount that could pass free of federal gift tax based on the Transferor s gift tax exemption; and Balance of the specified LLC units in excess of the units that were contributed to the Trusts went to two public charities that had donor advised funds (the Charities ). May 31, 2011 Page 23

24 Defined Value Clauses: Case Law Petter (continued) Pursuant to another formula, Transferor disposed of a specified number of LLC units in a series of sale and gift transactions: Transferor sold LLC units to each Trust with a value of $4,085,190 as finally determined for federal gift tax purposes; and Balance of the specified LLC units in excess of the units that were sold to the Trusts went to the Charities. Each recipient agreed that: (i) () if the value of the units as finally determined for federal gift tax purposes was different than the tentative valuation, and (ii) that recipient received more units than it should have, that recipient would transfer the excess units to the proper recipient. May 31, 2011 Page 24

25 Defined Value Clauses: Case Law Petter (continued) After a review of the prior case law on adjustment clauses, including Procter, King, Knight, Ward, Harwood, McCord, and Christiansen, the court upheld the formula clauses in this case. The court rejected the IRS s public policy arguments, and concluded that there was no severe and immediate frustration of public policy as a result of the use of these formulas. This case provides a road map for doing transactions based on defined value clauses. Petter is due for a hearing in the Ninth Circuit on June 14, May 31, 2011 Page 25

26 Defined Value Clauses: Statutes and Regulations Formulas to divide gifts and bequests between marital and non-marital shares Sanctioned by Rev. Proc , CB 682. Formula GST Tax allocations Authorized in Treasury Regulations Sec (b)(2)(ii) (lifetime transfers) and (d)(1) (transfers at death) Formula Disclaimers: Code 2518, Regs (b), (d), Example 20 May 31, 2011 Page 26

27 Defined Value Clauses: Statutes and Regulations Formula adjustment clauses for charitable remainder trusts, charitable lead trusts Regs (a)(1)(iii) Rev. Rul , sec. 501, C.B. 340, 344 (acceptable sample formula clause) Formula adjustment clause for GRATs: Treas. Reg (b)(1)(ii), (b)(2). May 31, 2011 Page 27

28 Defined Value Clauses: Updates Other than the upcoming 9th Circuit hearing in Petter, since Petter (and up to May 23, 2011 when this presentation was finalized), there have been no: New cases citing McCord, Christiansen, or Petter Statutory, regulatory, or legislative developments that might affect the outcome in a case involving a defined value formula clause May 31, 2011 Page 28

29 Uses of Defined Value Clauses Wills and Revocable Trusts Disclaimers Christiansen example Gifts Sales Irrevocable ocabe Trusts Gifts to trusts (Petter example) Sales to Trusts May 31, 2011 Page 29

30 Using Defined Value Clauses in Wills and Revocable Trusts Whether the primary estate planning document is a will or revocable trust, allocation of the person s estate at death is often driven by available tax exemptions, and defined value clauses are often used to allocate the estate according to the amount of various exemptions. Estate tax exemption: The common A/B plan uses defined value clauses to allocate between one tranche that postpones estate taxes through the marital deduction and another tranche that avoids it by using the estate tax exemption. GST tax exemption: Defined value clauses allocate between GST tax-exempt and non-exempt shares, based on the amount of available GST tax exemption. May 31, 2011 Page 30

31 Using Defined Value Clauses in Disclaimers Christiansen scenario, disclaiming a bequest With explicit regulatory authorization, and a precedent rejecting the IRS s public policy arguments, a formula disclaimer using a defined value clause appears to be safe. What about disclaiming part of a gift? If the transfer instrument or trust agreement provides for an alternate taker (preferably a non-taxable transferee) in the case of a disclaimer by the primary donee, a formula disclaimer should also work in a gift context. May 31, 2011 Page 31

32 Using Defined Value Clauses in Gifts Petter scenario A donor could make an irrevocable gift transfer of a clearly defined asset or set of assets to two or more donees, and use a defined value clause to allocate the transferred assets between or among those donees. If the second donee, receiving the variable share including any excess value, is a non-taxable transferee, this could have the desired effect of first discouraging gift tax audits, and then mitigating their negative effects when they do occur. Query: should the variable share going to the non- taxable transferee have a material value before any adjustment? May 31, 2011 Page 32

33 Using Defined Value Clauses in Sales A scenario blending elements of Petter and Harwood (but hopefully with the success of the former?) A transfer agreement executed by all of the parties could include the defined value clause. The taxable transferee would purchase the fixed share for a fixed price, while the non-taxable transferee would purchase the variable share (including the excess value, if any) for a variable price. Alternatively, the non-taxable transferee could receive the variable share as a gift. As with the purely-gift case, query whether the nontaxable transferee s variable share should have some material value even before any adjustments. May 31, 2011 Page 33

34 Using Defined Value Clauses in Sales Application to Case Study: Howard and Wendy s Goal: Provide for their descendants while maintaining their own lifestyle. Selection or Creation of Trust to be Used: Howard selects one of the following as a purchaser for an installment sale: the existing Hubert Trusts, the existing 2007 Trust, or a new trust for his family. The Hubert Trusts have sufficient seed money capital to support an installment purchase, but the other trusts would need an influx of capital for that purpose, preferably cash or marketable securities. Installment Sale with Defined Value Clause: Howard then transfers some Management Corporation shares to two transferees under a Purchase Agreement, with each receiving a tranche: (i) the Sale Portion (the fixed share), as an installment sale, to the trust selected in the previous step, and (ii) the Gift Portion (the variable share) to a lifetime QTIP trust for Wendy. Using the Defined Value Clause: The Purchase Agreement defines the Sale Portion as the lesser of a fixed number of the transferred shares or a fraction of the shares, based on their value as finally determined for gift tax purposes, the fraction being: Target Sales Price Amount FMV total property transferred May 31, 2011 Page 34

35 Using Defined Value Clauses in Trusts A defined value clause might be built into a trust agreement, as opposed to a separate transfer agreement. A trust agreement might provide for either or both of the following formula allocations: Contribution of property, part of which is GST exempt and part of which is not, should be allocated to separate shares based on exempt status Trust contributions or other events that result in a mixed inclusion ratio may see the fund divided by the trustee by formula to effect a qualified severance Division of the trust upon the grantor s death between the portion includible in the grantor s taxable estate and the rest of the trust Allocation by the trustee between the fixed share with a taxable transferee as beneficiary and a variable share, including any excess value, with a non-taxable transferee as beneficiary May 31, 2011 Page 35

36 Designing the Formula: How Low Can You Go? Query: Should the transfer be designed so that the variable share (the one receiving any excess value in case of adjustments resulting from a transfer tax audit) has a significant value even before any adjustment? How low can you go in setting the pre-adjustment allocation to the variable share? Does it look bad if the variable share is zero or near zero under the values as reported on the return? Should optics even be considered? d? May 31, 2011 Page 36

37 Alternative Recipients for Excess Value Alternative recipients for excess value under Petter-type formula allocation Public charity Donor advised fund Private foundation GRAT CLAT Intervivos QTIP or outright marital gift May 31, 2011 Page 37

38 Public Charity as Recipient i for Excess Value Strongest form of tax-neutral transferee to receive the excess value (variable share) under a defined value clause. Existing favorable precedents. A large public charity will typically have the resources, expertise, and motivation to enforce its own rights under the defined value clause. May 31, 2011 Page 38

39 Donor Advised Fund ( DAF ) as Recipient i for Excess Value DAFs give the donor the advantage of allowing allocation of charitable funds to multiple charities over time. DAFs are structured as public charities and are generally treated the same for tax purposes. The charity operating the DAF has the authority (rarely exercised) to decline a donor s advice as to allocation, thereby making the transfer to the DAF a completed gift that is generally eligible for charitable deductions. d The charitable transferees in Petter were DAFs operated by community foundations. A large DAF may be better than a small public charity as the recipient of the excess value in a defined value clause; the large DAF may be more able to defend its interest. This was alluded to by the Tax Court in Petter. May 31, 2011 Page 39

40 Private Foundation as Recipient i for Excess Value Taxpayers do not yet have a favorable precedent involving a defined value clause with a private foundation receiving the excess value. A court might distinguish a case involving a private foundation by considering whether the private foundation has the resources or the independence required to defend its rights to object to the original valuation or to receive a higher share in case of revaluation. May 31, 2011 Page 40

41 GRAT as Recipient i for Excess Value Using the GRAT as the recipient for the excess value in a defined value formula clause takes advantage of the GRAT s self-adjustment t clause (authorized under Treas. Reg (b)(1)(ii), -3(b)(2)) to substantially or completely eliminate the risk of gift tax resulting from a gift tax audit adjustment. Taxpayers may not be able to rely on the favorable precedents involving public charities as the recipient of the excess value. A zeroed-out gift to a GRAT has competing concerns; some practitioners avoid them for that reason. Query: if a GRAT is used, should it be funded with anything else to give it some substance? Stated another way, if the GRAT receives nothing (or next to nothing) if the values as reported on the return are not challenged, would that give some court that is seeking some basis to support the IRS position an excuse to dismiss the GRAT as having no substance and no purpose other than to discourage gift tax audits, with the consequence that the defined value transfer is disregarded? May 31, 2011 Page 41

42 CLAT as Recipient i for Excess Value The Christiansen case was a taxpayer victory and involved a CLAT as the recipient of part of the excess value. The CLAT portion was held to be an invalid disclaimer i because of the disclaimant s interest in the CLAT remainder, but that did not invalidate the defined value formula clause or indicate that a CLAT would not be a valid recipient for the variable share with the excess value. If a CLAT is used, then neither the transferor nor the disclaimant (if a disclaimer is involved) should be beneficiaries of the CLAT remainder. May 31, 2011 Page 42

43 Intervivos QTIP as Recipient i for Excess Value Lacks some of the arguments available when public charity is the recipient For example, consider the possible return of property interest if donee spouse predeceases donor/spouse Enhanced asset protection alternative in states that protect the donor/spouse as recipient of originally transferred property May 31, 2011 Page 43

44 Advantage of Using Grantor Trusts as Transferees for Both Parts Even when a defined value clause works and is upheld by courts, there is a potential problem on the income tax side. The fixed share and variable share are supposed to be allocated retroactively, but the allocation of income (via 1099s and K-1s) between the shares may have already been reported on returns. This may require that those tax returns be amended. If the fixed share and variable share both pass to trusts that are grantor trusts as to the transferor, then the retroactive reallocation of the income-producing property should not require any amended returns for those periods between the original transfer and the determination ti that t the initial iti allocation needed d to be retroactively ti adjusted. May 31, 2011 Page 44

45 Strategies for Dealing With IRS Challenges Documenting transactions Appraisals Decisions i about reporting transactions ti on gift tax returns Disclosure implications Statute of limitations discussion Consider reporting gifts, even those with little value, in order to run SOL May 31, 2011 Page 45

46 Faculty Susan M. Holzman, Shareholder, Orloff Lowenbach Stifelman & Siegel P.A., Roseland, N.J. Her focus is on tax and estate planning, including business succession planning, generation-skipping transfer tax planning, and the implementation of gift programs, life insurance arrangements, and intra-family sales. She is a Fellow of the American College of Trust and Estate Counsel and is on the Board of Consultors of the New Jersey Bar Association Real Property, Trust and Estate Law Section. David J. Slenn, Akerman Senterfitt, Naples, Fla. He is Co-Chair of the ABA's Asset Protection Planning Committee. He speaks nationally on the topic of asset protection planning and was featured in publications such as Bloomberg Law Reports, Leimberg Information Services and the ABA's Probate & Property magazine. He has more than eight years of experience in estate planning, life insurance planning, trust and estate settlement, and taxation. Michael Whitty, Shareholder, Vedder Price P.C., Chicago He concentrates his practice in estate planning, taxation, and estate and trust administration. He is a Fellow of the American College of Trust and Estate Counsel, and serves on the American Bar Association Section Council. He recently served as Chair of the Wealth Planning and Nontax Issues Group of the Probate and Trust Division of the Section of Real Property, Probate and Trust Law. May 31, 2011 Page 46

47 Contact Susan M. Holzman David J. Slenn Michael Whitty May 31, 2011 Page 47