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prior relationship with decedent. Mr. Constantino had previously
handled two or three estates with assets of at most $300,000
each.
Mr. Constantino, Mr. Blum, and another individual conducted
a search for decedent's assets. They contacted financial
institutions that might hold decedent's assets. The process of
identifying decedent's assets was lengthy and difficult. Clues
to the existence of assets had to be gleaned from decedent's
records. Decedent maintained bank accounts and revocable trusts
under a variety of names. Decedent also held funds in trust for
his clients in certain of those accounts, and ownership of the
funds had to be verified before they were released.
Many of decedent's assets were not subject to probate
because they had passed to his child by contract at decedent's
death. After the quantity of assets held in the name of
decedent's child was determined, Mr. Blum instituted a
guardianship proceeding for the benefit of decedent's child, and
a conservator, Ms. Muscat, was appointed on September 24, 1990.
Assets belonging to decedent's child were transferred by their
custodians directly into the guardianship proceeding.
By late December 1990 or early January 1991, Mr. Constantino
became aware that a Federal estate tax return (petitioner's
estate tax return or the estate tax return) would be required
with respect to decedent's estate. Mr. Constantino was also
aware that he had an obligation to file that return but had no
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