A Nightmare in Elwood Estate

Phyllis C. Taite, Florida A&M University College of Law


In Estate of Elwood Olsen, the Tax Court treated $1,080,802 of withdrawals from the Grace T. Olsen trust as withdrawn from a family trust and $393,978 as withdrawn from marital trusts. As a result, the court held that the estate was required to include $607,927.51 —the value on the applicable valuation date of assets in the trust — under section 2044.