Putnam v. Putnam
Massachusetts Supreme Judicial Court
425 Mass. 770, 682 N.E.2d 1351 (1997)
- Written by Paul Neel, JD
Facts
Stanton Putnam (plaintiff) created a charitable remainder trust, placing real estate valued at less than $400,000 in the trust. The trust provided for annual distributions to Putnam in quarterly installments for life and then to King for life if King survived Putnam, but distributions to King could last no more than 20 years. Annual distributions were to be in an amount equal to 10 percent of the trust assets and made first from trust income and, if insufficient, then from trust principal. Any remainder would then be distributed in equal shares to charities named in the trust. The 10 percent annual distribution would deplete the charities’ remainder interest in the trust principal and reduce the trust’s tax benefits. Putnam sued to reform the trust to limit the annual distributions and preserve the remainder interest. The trust’s noncharitable beneficiaries (defendants) agreed to Putnam’s proposed reformation. The matter was sent to the appellate court by reservation and report of the trial court, which assumed that an order having tax implications reviewable by the Internal Revenue Service must be issued by the appellate court.
Rule of Law
Issue
Holding and Reasoning (Wilkins, C.J.)
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