Estate of Bert B. Rapp, Deceased, Richard L. Rapp, Executor - Page 5

                                        - 5 -                                         

             his business transactions.  The decedent consulted                       
             frequently with Mr. Laurence Clark, an attorney, and with                
             Mr. George Lippert, a certified public accountant.  Neither              
             Mr. Clark nor Mr. Lippert is an expert in estate planning.               
                  Most of the decedent's legal affairs were handled by                
             Mr. Clark, who is licensed to practice law in the State of               
             California.  Mr. Clark engaged in a general practice of                  
             law.  He maintained a professional and personal                          
             relationship with the decedent until the decedent's death.               
                  Mr. Clark had minimal experience in estate planning                 
             and in handling estates with assets of more than $1.2                    
             million.  Nevertheless, in 1978, he prepared wills for both              
             the decedent and Mrs. Rapp (the 1978 wills).  These wills                
             were essentially identical.  Each of the 1978 wills                      
             provided that all household furniture and furnishings,                   
             clothing, personal effects, and automobiles of the testator              
             were to be given to the surviving spouse.  All other                     
             property of the testator was given to the testator's two                 
             sons to be held in trust during the life of the surviving                
             spouse.  As cotrustees, Messrs. David and Richard Rapp were              
             given the power to disburse such amounts from the principal              
             and income of the trust estate as they would decide is                   
             necessary "in their absolute discretion" for the "health,                







Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011