Evening star., 1943-06-03
Foundation Gets Most
OF EdseI Ford's Stock;
4 Trusts for Children
Attorneys Now Estimote
Taxes at $4,000, ,000;
Judge Asks Inventory
Rv the Associated Press.

By the Associated Press.
DETROIT, June 3.-The will of
Edsel Bryant Ford was filed for
probate today and because it be-
queathed the greater part of his
Ford Motor Co. stock to the Ford
Foundation. attorneys estimated
estate inheritance and transfer taxes
might not amount to much more
than s12,O00O0O.
Earlier reports, based solely on
conjecture, had placed the possible
tax at as much as 5000, 10000. At
torneys said the estate itself prob
ably would amount to $200,0000 900.
Edsel Ford, only son of Henry
Ford and late president OF the Ford
Motor Co., died last week at the
age OF 40.
The Ford Foundation, a non
profit corporation, was organized in
1886 for educational and other pur-
poses. Gifts to organizations OF its
type are not taxable.
Ford Stock Bequeathed.
That portion of the Ford stock
not bequeathed to the foundation is
left in equal shares to Mrs. Eleanor
Clay Ford. the widow, and each of
the four children-Henry Ford II,
Benson Ford, Mrs. Walter Buhl
Ford II and William Clay Ford. The
widow is made executrix.
The will. filed with Probate Judge
Joseph V. Trombley in nearby Ma
comb County. where the Ford home
is located, showed that Edsel Ford
executed four trusts on November
4. 1885, one for each of the four
children. The trusts were to re-
main operative until the beneficiary
became Is years old. Henry Ford II
Is the only one Of the children who
has reached that age and will re-
ceive the bequest directly. The
other bequests will 60 into the trusts,
OF which Mrs. Ford is the special
administrative
No inventory of the estate was
filed with the will. Judge Trombley
asked that an inventory be pre-
sented if possible at a hearing he
set for July IL. Clifford B. Longley,
attorney for the estate. said this
would be 'protracted job" because
OF the difficulty of estimating the
value of some of the property.
Bank Stock Goes to Widow.
Edsel Ford also owned or con-
trolled a majority OF the stock in
the Manufacturers National Bank
of Detroit This bank stock as we'll
as the family estate on Lake Shore
road, Crosse Pointe Shores, and all
of Mr.. Ford's personal effects is left
to the widow
All other real estate in Michigan
held by Edsel Ford and several other
pieces Of property 60 to the founda-
ton, while mansion at Seal Har-
Dor, Me, the White Hart Inn in
New Hampshire and residence in
Florida are left to Mrs. Edsel Ford.
The will was signed on July IS
1896. The Ford Foundation was
incorporated six months earlier. 1t
performs various functions, includ-
ing the promotion of education and
benef1cences of several kinds. 1t
contributes to the support of Green
field Village, to the Greenfield Viii
lage schools and the Edison Insti-
tute, all in Dearborn, and the Henry
Ford Hospital In Detroit. 1t also
has promoted large real estate
development not far from the Ford
factory at River Rouge.
Started With Sl6400O Assets.
The foundation started with assets
of s164,0OO. In the 1912 report to
the Michigan Corporation and Sc
curities Commission assets were
listed at s30,667 ,SOO28 with an in
debtedness of only s453,337. Edsel
Ford was its president,
The foundations general purpose,
as stated in the articles of incor-
poration, is to receive and admin
lister funds for scientific, educational
and charitable purposes, all for the
public welfare" No limit is placed
on the amount of gifts which may
be received.
Attorneys said a prolonged survey
and audit would be necessary to fix
a value on the Ford Co. stock for
tax purposes. The bulk of the value,
they explained, is not in cash or
Immediately convertible assets, but
In the form of factories and real
estate.
The last financial statement filed
In Massachusetts,, the only State in
which the company files report
credited 1t with assets worth S718,-
6eo,356.