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Mr. Bowen, in consultation with decedent, prepared an estate
plan.
On December 31, 1990, decedent, along with her three
children and their spouses, met with Mr. Bowen at his office.
Mr. Bowen explained that three family limited partnerships would
be formed and that David, Sandra, and Diane would each become a
general partner in a partnership. He explained that after the
limited partnerships were formed, decedent's business holdings
would be transferred to the partnerships, with each partnership
receiving an undivided one-third interest in the transferred
assets. He further advised that, after the partnerships were
formed and funded, decedent would transfer limited partnership
interests to her children and their family members. On December
31, 1990, three substantially identical limited partnership
agreements were executed. The certificates of limited
partnership were filed with the Utah Department of Commerce on
May 13, 1991.
The partnership agreements set forth numerous terms and
covenants with respect to the partnerships. Pursuant to the
partnership agreements, David and decedent were the general
partners in the "DAVID M. SCHAUERHAMER FAMILY LIMITED
PARTNERSHIP", Diane and decedent were the general partners in the
"DIANE KAY LIDDIARD FAMILY LIMITED PARTNERSHIP", and Sandra and
decedent were the general partners in the "SANDRA GAYLE BRADSHAW
FAMILY LIMITED PARTNERSHIP". Each partnership agreement also
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