New-York tribune., 1922-03-23
Payment Urged
In 100000
Astor "Dowrv''
Referee Recommends That
Balance of Bridal Trust
Left by Lord Asfor Be
Given ]. ]. Astor and Wife
Pre-Nuptial Agreement
Accounting Made Under 4.
Deeds Involving Funds
in L. S: Tax Issue Raised

Harry \. French, appointed referee
e. take the accounting Of the Farmers
Ii.oan and Trust Company as trustee
snder four trust deeds made by Lord
q stor of Hevcr Castle William Wal
sorf Astor Sled his report in the
fupreme Court yesterday approving &C
Pun and making recommendations.
One of She deeds Of trust created by
lord Aston, dated August IS, 1916. pro
4 dcd that 900. eco be placed in I.loyds
- $Rnx. iAis amount 60 be sediment on
'ohI Jacob Asro,, a son. ard Violet
'Mary Merccr Nairue Lady Violet
.>on tne.r marriage. This settlement
II 10 toe IN accordance with pre-
(>ptial agrcsr9ert. Up TO the time OF
foc death Of Lord Astor. or October 18,
y y. Referee French reported, TO part
Y. this. marriage settlement had been
: I'D into Lloyds Bank.
ec 100000 Paid on Settlement
subsequently the trustee selected II
England 10 liQuidate the estate OF Lord
Astor paid goo 600 into the bank for
tohn Jacob Astor and Lady Violet, who
.Aad been married. There is still due
f~o 600 under the marriage settlement,
End Mr.. French recommended that this
&c paid III accordance with the trust
agreement.
The accounting shows that the value
n the property placed in trust under
'the four deeds Of trust amounted to
S13.641,262. from which the income has
been s5,29l,77S After certain pay
mcnts, including $777 900 for the ac-
rount of several infant grandchildren,
r. r m .,lo
part Of which Is invested. John Jacob
Astor received S1,35e,260: Lady Violet
Astor, SS8,417: William Waldorf Astor,
ALSO q son of Lord Astor. S5z8,46
while other amounts were paid for sew
eral grsndchildren-the children of
William Waldorf Astor. The referee
recommended that $4,000 q year be
paid out of the income from the trusts
For the maintenance and education Of
'the grandchildren Of Lord Astor
Lord Astor made two trusts of real
estate owned by him in New York and
Rhode Island. John Jacob Astor and
William Waldorf Astor, the sons.
owned personal property not subject
to any trust. which is being admins
tered by the Farmers Loan and Trust
-Acmpany, as executors under an
American will.
dt 4ucstlOn IL hAiScU
This has created question with re-
gard TO tho payment OF transfer tax
to tho states Of New York and Rhode
Island, and also the Federal inhcri-
tsnce tax. The question to be settled
Is whether the tax is 70 be fixed on
property owned outright. or whether
u is to be extended to cover all prop
rrty disposed OF in the trust funds.
An agreement has been reached that
II tax is fixed on the trust funds it
, will be naid out of the various tax
furds. The estate claims exemption
FOR properly included in trust deeds
dated in 1916 and 1919, and that it is
liable only for property owned out
right.
The Federal government now is in
Nestigating the matter. Payments OF
death duties were made in England
or the estate Of Lord Astor, but there
remains a balance TO be paid.
The property which the referee
recommends be paid over to the chill
dren of Lord Astor and for his grand
children consists of American railroad
rust COmpanv and hanks securities