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Hypothetical situation: Bobbie Black died unexpectedly and had a will. Bobbie was a single woman with no children. She left $20,000 each to her dear friends Sally and Mona. She also left $20,000 to the local no kill animal shelter to provide for the care of her dog, Lucky. The remainder of her property was left to her ex-husband, Paul. Assume Bobbie had a $4 million taxable estate. Bobbie’s will has the following clause:
“I direct that my Executor pay out of my residuary estate, without apportionment, all estate, inheritance, succession, and other taxes (together with any penalty thereon) assessed by reason of my death, imposed by the Government of the United States, or any state or territory thereof, or by an y foreign government or political subdivision thereof, in respect to all property required to be included in my gross estate for estate or like death tax purposes by any of such governments, whether the property over which I have a power of appointment, without contribution by any recipient of any such property.”
- Answer the following question: Who will bear the tax burden of Bobbie’s estate?
- Rewrite the will clause to be more understandable by the average person.