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licensed funeral directors, and all were employed by MBI in that
capacity. Joanne and Loretta were employed by MBI as
secretary/receptionists. None of decedent's other descendants
was employed by MBI.
Decedent's Estate Plan and Transfers of MBI Stock
Richard A. Grayson (Mr. Grayson) is an attorney, consultant,
and appraiser who specializes in mortuary matters. Mr. Grayson
represented MBI from some time in the 1970's until decedent's
death in 1995. Mr. Grayson also drafted the wills of decedent
and her husband and advised them on estate planning matters.
As a result of consolidation of the funeral home business by
national companies during the early 1980's, Mr. Grayson believed
that the value of MBI had increased. Mr. Grayson advised the
Bieses to begin making gifts of stock to family members to save
estate taxes and to ensure family succession of the business.
The Bieses were concerned that their children who were not
committed to the funeral home business would sell the shares, and
MBI would no longer be a family owned and operated business.
Because neither Joanne nor Barbara was committed to the business,
Albert Sr. and decedent did not intend and did not make gifts of
MBI stock to either of them. Therefore, the Bieses intended
initially to make gifts of MBI stock to only Albert and Gregory,
who were both licensed funeral directors. However, upon Mr.
Grayson's recommendation, the Bieses transferred shares to Gayle
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