-18-
Declaration of Trust states that the Riago Trust was created for
the benefit of petitioners and their daughters, Adria and Margo.
(The word "Riago" is coined from the last letters of petitioners'
daughters' names.) Petitioners were the trustees of the Riago
Trust. The Riago Trust was revocable by the grantors jointly, or
by the surviving grantor. Petitioners, as grantors, had the
power, at any time, to withdraw any portion of the net income or
principal of the trust.
Petitioners conveyed all of their real, personal, and
business property to the Riago Trust, including the following:
Their residence; life insurance death benefits; jewelry;
household furnishings; stock or proprietary interests in
Associates (also discussed supra item B), Green, Inc., Random
Processing Services, Inc., Consultants (also discussed supra item
B), Robert Iles Computer Services, Inc., SSI (also discussed
supra item C), and SSC (also discussed supra item C); and "Any
and all other business endeavors." Before and after they
conveyed their property to the Riago Trust, petitioners lived in
the same house in Cincinnati. By letter dated August 18, 1982,
Monica, as cotrustee, informed Robert, as cotrustee, that the
Riago Trust's assets include a 1980 Rolls Royce, new residential
rental property, office furniture and equipment, a 76-percent
interest in the Rise Trust, a Saberliner Jet, jewelry,
improvements on their home, and miscellaneous household
Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 NextLast modified: May 25, 2011