Laserfiche WebLink
person as joint tenants with right of survivorship. "Separate Property"means property <br /> o�,kzred by Settlor either solely or as tenant in common. <br /> 1.3. Available Generation Skipping Transfer Tax Fxem tion, As used <br /> herein,the term"Available generation shipping tax exemption"means the generation <br /> snipping transfer tax exemption provided in Section 2531 of the Internal Revenue Code <br /> of 1985.as amended.or its successor statute,in effect at the time: of Settler's death <br /> reduced by the aggregate of(1)the amount,if any.of the Sett lor's exemption allocated to <br /> lifetime transfers of the Settlor by the Settlor or by oper«tion of law.aad(2) the amount, <br /> if any,the Settlor has specifically allocated to other property of the Settlor'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 filed a return,it shall be <br /> deemed that the Settlofs generation skipping transfer tax exemption has been allocated to <br /> these transfers to the extent necessary(and possible) to exempt the transfers from <br /> generation skipping transfer tax. <br /> 1.4. Inca acit . "Incapacity"with respect to a Settlor means that a <br /> Settlor 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 Stirnes. "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. f❑t example,under per stirpes Share,the two cluldrun of a dMeased child who is <br /> one of three children(two of whom are still alive)would Ituye a 1/6 interest each. <br /> artw eF Hrnu FJ in Fwab Ri.i ? <br /> i+/fi:'?g Ort <br />