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3. Longwood Property
On January 7, 1991, Frank and Katherine transferred the
Longwood property to Larry and Ronnie by quitclaim deed for a
stated nominal consideration. Pursuant to the quitclaim deed,
Frank and Katherine retained for themselves “the exclusive
possession, use, and enjoyment of the rents, issues, and profits
of the above-granted premises for and during the[ir] natural
lifetime”. A real estate tax bill dated January 1, 1991, showed
a real estate tax value for the Longwood property of $236,110. A
real estate tax bill dated November 16, 1992, showed a real
estate tax value for the Longwood property of $209,110.
4. Port St. Lucie Property
On January 7, 1991, Katherine transferred to Larry and
Ronnie by quitclaim deed property located in Port St. Lucie for a
stated nominal consideration.
5. Automobiles
In August 1992, Frank transferred his 1967 Rolls Royce to
Larry for no consideration. At the time of the transfer, the
Rolls Royce had a value of $25,000. Also in August 1992, Frank
transferred the 1986 Lamborghini to Larry for no consideration.
At the time of transfer, the Lamborghini had a value of $52,000.
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