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partnership’s sole general partner. He alone (1) executed the
articles of limited partnership, the deeds, and the transfer of
lien; (2) opened the brokerage accounts; and (3) signed all of
the partnership checks.
Petitioner emphasizes that decedent’s children were
concerned that he would give Mrs. Reichardt’s property to his
lady friend. Despite that, Mrs. Reichardt’s will gave decedent
the power to consume all of her separate property in which she
gave him a life interest. Mrs. Reichardt was sophisticated and
capable. We do not think she would have given him such broad
power if she had the concern that petitioner alleges. In
addition, decedent did not do what petitioner says his children
suspected he would do. The facts suggest that this argument of
petitioner’s is, at best, overstated.
Petitioner also alleges that decedent formed the trust and
partnership to give his children control over the assets while he
was living. The facts suggest otherwise. Decedent’s children,
as cotrustees, could have taken, but did not take, actions
related to the trust or exercise control over the assets while
decedent lived.
c. Fiduciary Duties
Petitioner contends that decedent's fiduciary duties as a
general partner and trustee precluded him from retaining
enjoyment of the assets. We disagree. Decedent’s fiduciary
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