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S It <br /> person as joint tenants with right of survivorship. "Separate Property"means property <br /> owned by Senior either solely or as tenant in common. <br /> 1.3. Available Generation Skipping Transfer Tax Exemption. As used <br /> herein,the term"Available generation skipping tax exemption"means the generation <br /> skipping transfer tax exemption provided in Section 2631 of the Internal Revenue Code <br /> of 1986,as amended,or its successor statute, in effect at the time of Senior's death <br /> reduced by the aggregate of(1)the amount, if any,of the Senior's exemption allocated to <br /> lifetime transfers of the Settlor by the Settlor or by operation of taw, and(2) the amount, <br /> if any,the Settlor has specifically allocated to other property of the Senior's gross estate. <br /> For purposes of this trust agreement if at the time of the Settlor's death the Settlor has <br /> made gifts with an inclusion ratio greater than zero for which the gift tax return due date <br /> has not expired(including extensions)and the Settlor has not yet tiled a return,it shall be <br /> deemed that the Senior's generation skipping transfer tax exemption has been allocated to <br /> • <br /> these transfers to the extent necessary (and possible) to exempt the transfers from <br /> generation skipping transfer tax. <br /> 1,4. Incapity. "Incapacity" with respect to a Settlor means that a <br /> Senior is, in the judgment of the Trustee,unable to manage his or her financial affairs, <br /> whether because of illness or for any other reasons. <br /> 1.5. Per Stirm. "Per stirpes"means in equal shares among living <br /> children and the issue of deceased children, the latter taking the share of deceased <br /> children; for example,under per stirpes share,the two children Din deceased child who is <br /> one of three children(two of whom are still alive)would have a 1/6 interest each. <br /> alTICeCP`/hoe Ellit hat Pm 2 <br /> 2Th PX' • <br /> . . <br />