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Matter of Estate of Gaites

Court Grants Appointment of Co-Trustee to Allow for Principal Distributions to Petitioner

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*1  In this proceeding, the petitioner, Carolyn D. Gaites, is seeking the appointment of a co-trustee of the Trust under Article Third of the Will (“The Trust”) of Robert J. Gaites (“The Decedent”) for the benefit of Carolyn D. Gaites (“The Petitioner”). The petitioner is seeking the appointment of her son, Robert C. Gaites (“Robert”) to serve as co-trustee with her. Petitioner is the surviving spouse of the decedent and beneficiary of the Trust. The Trust is a qualified terminable interest property trust under IRC §2056. The trust is required to pay petitioner all of the net income at least annually. In addition, petitioner may annually withdraw the greater of $5,000.00 or 5 percent of the trust at her discretion. Under the terms of the trust, only a disinterested co-trustee may withdraw principal for petitioner without tax consequences. Petitioner is currently serving as sole trustee.The decedent’s testamentary instruments consist of a Will dated June 9, 2006 and a first Codicil dated November 20, 2009

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