Taxation — Transfer inheritance tax — Trusts inter vivos — Life insurance trust — Revocability — Surplus of income — Insurance proceeds — Act of June 20, 1919, P. L. 521.
Where an irrevocable inter vivos trust agreement, executed after the Act of June 20, 1919, P. L. 521, provided that the income from the corpus should be used to pay premiums upon a policy insuring the life of the settlor in which the trustee was named beneficiary; and further provided that upon the death of the settlor the policy proceeds were to be added to the trust and the total income was to be paid to the members of a named class until the death of the survivor of them, that the corpus was then to be distributed according to the intestate laws, and that the trust investments were to be subject to settlor's approval, it was Held that no part of the original corpus of the trust, nor the accumulated surplus income, nor the proceeds of the life insurance policy were subject to transfer inheritance tax.
Argued January 5, 1944.
PER CURIAM, March 20, 1944:
The decree of the court below in the above-entitled case is affirmed on the opinion of Judge ERVIN, appellant to pay the costs.