Estate of Charles E. Reichardt - Page 6




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          C.   Decedent’s Decision To Form a Family Limited Partnership               
               William Reichardt met with John R. Hannah (Hannah), a                  
          certified public accountant, and asked about post mortem estate             
          planning for his mother’s estate.  Hannah recommended that the              
          children and decedent form a family limited partnership.                    
          Decedent, who had just been diagnosed with terminal cancer, and             
          William Reichardt met with Hannah on June 5, 1993, to discuss               
          Mrs. Reichardt's estate.                                                    
               On June 17, 1993, decedent signed his will and a durable               
          power of attorney and formed a revocable living trust called the            
          Reichardt Family Trust (the trust) and a family limited                     
          partnership called Reichardt Partners, Ltd. (the partnership).              
          Decedent appointed himself and his children as cotrustees and               
          authorized each trustee to act on behalf of the trust.  The trust           
          instrument provided that decedent was entitled to receive the net           
          income of the trust, which was to be paid at least annually, and            
          that he was entitled to use the corpus of the trust for his                 
          support, maintenance, health, and general welfare.  The trust               
          instrument provided that the trust property and accumulated                 
          income would be divided into as many equal shares as the number             
          of his children when decedent died.                                         
               The trust was the partnership's only general partner.                  
               On June 21, 1993, the Texas secretary of state approved and            
          recorded the certificate of the partnership.                                






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