- 9 -
Accordingly, TCB declined to serve as coexecutor of decedent’s
estate and renounced its right to appoint a successor
coindependent executor. When decedent’s will was admitted to
probate on April 12, 1995, Mrs. Gulig was appointed as the sole
executor of decedent’s estate.
Angela Seymour consulted two attorneys regarding the
validity of Mrs. Strangi’s will during 1994. She never intended
to contest decedent’s will, and, ultimately, no claim or will
contest was filed against decedent’s estate.
Partnership Activities
Following the formation of SFLP, various distributions were
made by SFLP to decedent’s estate and the Strangi children. When
distributions were made, corresponding and proportionate
distributions were made to Stranco either in cash or in the form
of adjusting journal entries. In July 1995, SFLP distributed
$3,187,800 to decedent’s estate for State and Federal estate and
inheritance taxes. Also in 1995 and in 1996, SFLP distributed
$563,000 to each of the Strangi children. The distributions were
characterized as distributions to decedent’s estate.
In May 1996, SFLP divided its primary Merrill Lynch account
into four separate accounts in each of the Strangi children’s
names, giving them control over a proportionate share of the
partnership assets. The partnership also extended lines of
credit to John Strangi, Albert T. Strangi, and Mrs. Gulig for
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011