Wills Trusts & Estates keyed to Dukeminier
Estate of Cristofani v. Commissioner
. The decedent had five grandchildren. Two of them were the children of Frank Cristofani, the decedent’s son. The remaining three children were the children of Lillian Dawson, her other child. The decedent created an irrevocable Children’s trust I (Children’s Trust) and Cristonfani and Dawson were the trustees. The Children’s Trust identified the decedent’s children as “primary beneficiaries” and the decedent’s grandchildren were considered as “beneficiaries of secondary importance.” Cristonfani and Dawson could withdraw an amount not to exceed the amount specified for the gift tax exclusion under section 2503(b) under the Children’s Trust. During a 15 day period following a contribution to the Children’s Trust, each of the grandchildren possessed same right of withdrawal as described above regarding the withdrawal rights of Frank Cristofani and Lillian Dawson. The rights of the grandchildren vested when their respective parent predeceased the decedent or failed to survive the decedent by more than 120 days. Approximately six months after Maria Cristofani created the trust, she funded it with an undivided 33 percent interest in a Spring Street property. The value of the property transferred was $70,000. The decedent made the exact same disposition of another 333 percent of the property for the same value in 1985. Maria Cristofani claimed seven annual exclusions of $10,000 each under section 2503(b) for each year 1984 and 1985. The exclusions were claimed with respect to Maria Cristofani’s grandchildren and her children. The Respondent, the tax court, allowed the exclusions with respect to Maria Cristofani’s children but disallowed them with respect to her grandchildren for the years 1984 and 1985. The Respondent claimed that exlusios0n which Maria Cristofani claimed with respect to her grandchildren were not present transfers of property. The respondent accordingly increased the petitioner’s adjustable tax gifts in the amount of $100,000. At the time of the transfers, all of the grandchildren were minors
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