(Download) "In Re Wadsworths Estate" by Supreme Court of Montana " eBook PDF Kindle ePub Free
eBook details
- Title: In Re Wadsworths Estate
- Author : Supreme Court of Montana
- Release Date : January 18, 1932
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
Inheritance Taxes ? When Voluntary Transfers of Securities Taxable ? Property Placed in Trust for Benefit of Beneficiaries Under Prior Will Held Taxable ? Presumptions ? Appeal and Error ? When Supreme Court will Make Own Findings. Inheritance Taxes ? When Voluntary Transfer of Property Taxable. 1. A voluntary transfer of property made "in contemplation of death" and as such taxable under the inheritance tax law as amended (Chap. 105, Laws of 1927), is one the making of which is induced by the same consideration which leads to a testamentary disposition thereof and as a substitute therefor, i.e., the thought of death, irrespective of whether or not death is believed to be near or imminent. Same ? Statute ? Transfers Made "in Contemplation of Death" ? Phrase Includes Gifts Inter Vivos as Well as Causa Mortis. 2. The phrase "in contemplation of death" with reference to transfers made taxable under the inheritance tax statute is not confined to gifts causa mortis, but embraces gifts inter vivos, even though they are fully executed. Same ? Circumstances Under Which Securities Placed in Trust by Decedent for Benefit of Family a Year After Making Will Taxable Under Inheritance Tax Law. 3. About a year after making his will, testator placed a large block of securities in trust, the beneficiaries being his wife and children. The disposition of his property under the trust instrument was substantially similar to that made in the will. One of the trustees was the trustor himself, the others being the executors - Page 136 named in the will. His wife agreed in writing to turn over to him during his lifetime the income she would receive from the securities apportioned to her. At the time the instrument was executed he was sixty years of age and for years had been a semi-invalid; had many times discussed with others the matter of protecting his estate after his death. He died within two years after its execution. Held, contrary to the conclusion of the district court, that the facts showed a disposition of property in contemplation of death under the above statute, rendering the property covered by the trust liable to an inheritance tax. Same ? Presumption as to Testamentary Character of Transfer. 4. In the absence of a satisfactory showing as to what decedent had in mind, within two years prior to his death, when he made a gift of his property under a declaration of trust, or what his reasons were for making it, the presumption prevails under the terms of the statute providing for an inheritance tax that the transfer was testamentary in character and therefore taxable. Same ? Law Against Evasion of Payment of Tax Through Device of Declaration of Trust. 5. The policy of the law is against evasion of payment of inheritance taxes through a device by which the owner of property places it in trust for the beneficiaries, reserving to himself control thereof as well as the income therefrom for life. Equity ? When Supreme Court on Appeal will Make Own Findings. 6. While findings of the district court based on evidence in material conflict will not be disturbed on appeal, where there is no dispute as to the facts, the appellate court is in as favorable a position in applying the law as was the lower court and will make its own findings, if those made are erroneous. Appeal and Error ? Judgment or Order not Supported by Evidence will be Reversed. 7. A judgment or order unsupported by the evidence will be reversed on appeal.