The New York herald., 1922-03-23
Trustee Got S5,291,778 In
come, Much of Which
Was Distributed.
LARGE INCOME TAX FUND
Question of Payment of Inher-
itance Tax Involved in Two
Other Trust Deeds.

A value of s23.641,262 was placed
yesterday by Harry N. French, as
referee on the property comprised In
three trust estates created by the late
Baron William Waldorf Astor be-
tween 1916 and 1919 for the purpose OF
disposing of a part of his personal
property in this country, so as tc
make unnecessary it's inclusion in his
principal estate after his death.
The value found by the referee Is m
appraisal of only small portion OF
Lord Astor's entire estate, the bulk OF
which went to his eldest son. the pres
ent Lord Astor. under his English and
American wills and by the entail, un-
der the English law of primogeniture
in respect Of considerable portion OF
his English real estate.
The value of his whole estate never
has been fully stated since his death.
His real estate in this country was
worth about s75.0O0,0O0 at his death,
and paid an income OF $4,000. 900 a year.
The present Baron Astor is not named
in the three trusts considered by Mr..
French, who filed in the Supreme Court
an account which shows what the Farm
ers' Loan and Trust Company, as trus-
tee OF the three funds. has received and
paid out since 1916.
s5.201,55S Income Handled.
The account states that $5,291,77S has
passed through the hands of the trustee
Al income of the principal funds, and
hat after payments of principal to per-
sons who were to receive money after
Baron Astor's death and disbursements
and expenses amounting to $S72,29s
there is still left principal to the value
Of s16.640.230 and $99.T27 of undis-
tributed income.
The direct beneficiaHes of the trusts
are Waldorf and John Jacob Astor and
Pauline Astor Spender-Clay, children OF
the maker of the trusts, and William
Waldorf, Nancy Phyllis Louise, Francis
Drake Langhorne, Michael Langhornt
and John Jacob, children of Waldorf
Astor Gavin and Hugh Waldorf, son,
of John Jacob Astor and Mary Phyllis
Rachel and Pauline, daughters OF Pau
inc Astor Spender-Clay.
One trust was created as a marriag,
Astor and his wife. Violet Mary Nairn,
Astor. and by its terms they were tc
have the use and reversion of $4,000. 900
OF this sum one-quarter has already
been turned over and the referee recon-
nends the remainder of the principa
be paid at once.
More Money for Children.
Mr.. French recommends also that tn,
trustee turn over to each of the thre,
children Of Lord Astor the funds
nominated to be given to them at thcil
fathers death. and that s25, 900 a yea
be devoted each year to the support ant
education of each of the grandchildren
A list of payments already mad
shows that John Jacob Asror has re
ceived $1,359.260 and William Waldor
I'd. Francis and Michael Astor $578.4S
each and that John Jacob Astor I'd ha!
received S106,622. A substantial pay
ment has been made also into an income
tax reserve fund on behalf of each o
them. S1,223,6s5 having been set aside
for such money for tax payments a.
John Jacob alone may require. 1t II
stipulated that the trustee may charg'
commissions on s19,952.706.
The account concludes with a state
ment that Baron Astor made two othel
deeds of trust of his American property
both real and personal, but of which the
Farmers Loan and Trust Company I
not trustee. and that a return for trans
FER tax purposes has been filed with th'
Federal Income Tax Bureau to test ou
the question OF whether the trust prop
critics are chargeable with inheritance
tax as TO such of them as were In th'
hands of trustees before 1916.