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CENTRAL CAROLINA BANK & TRUST CO. v. WRIGHT

No. COA95-1325.

478 S.E.2d 33 (1996)

CENTRAL CAROLINA BANK & TRUST COMPANY, N.A., Executor of the Estate of Martha A. Cone, Deceased, and Co-Trustee under Trust Agreement dated August 15, 1986, as amended, Petitioner, v. Martha Cone WRIGHT, Ceasar Cone, III, Kristen Greer Cone, Laurence M. Cone, Jr., and The Cemala Foundation, Inc., a North Carolina corporation, Respondents.

Court of Appeals of North Carolina.

November 19, 1996.

Attorney(s) appearing for the Case

Newsom, Graham, Hedrick & Kennon, P.A. by A. William Kennon, Katherine McKee Henrichs, and Joel M. Craig, Durham, for petitioner-appellants Central Carolina Bank and Trust Company, N.A.

Tuggle, Duggins & Meschan, P.A. by Barbara C. Ruby, Greensboro, for respondent-appellants Kristen Greer Cone and Laurence M. Cone, Jr.

Womble, Carlyle, Sandridge & Rice by Elizabeth L. Quick, Ellen M. Gregg, and Jean T. Adams, Winston-Salem, for respondent-appellees Martha Cone Wright, Ceasar Cone, III and The Cemala Foundation, Inc.

EAGLES, Judge.

The threshold question here is whether the gift to the Cemala Foundation in section 5.08 of Article V of the amended trust agreement is a general bequest or a residuary devise. This distinction controls the total value of the estate shares to be received by the Cemala Foundation and the individual beneficiaries and the amount of estate taxes paid from the estate. The value of Mrs. Cone's gross estate for federal estate tax purposes exceeds sixty one...

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