Estate of Marie A. Bies - Page 4

                                                - 4 -                                                  
            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                           

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  Next

Last modified: May 25, 2011