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On December 29, 1976, decedent created five irrevocable
trusts and funded each with a portion of his SSE stock. One
trust was established for the benefit of each of his four
children: Lorrie L. Schwan (now Schwan-Okerlund), Mark D.
Schwan, David J. Schwan, and Paul M. Schwan (collectively the
Children’s Trusts and individually, e.g., the Lorrie Irrevocable
Trust). A fifth trust was established for decedent’s
grandchildren (the Grandchildren’s Trust). Subsequently, on
August 1, 1985, decedent executed a will and established a
revocable trust which dealt, among other things, with the
eventual disposition of his remaining interest in SSE.
Thereafter, on November 20, 1992, decedent executed a series
of documents serving to amend and expand his estate plan. As
relevant to the instant proceedings, these instruments included:
(1) A new will superseding all prior wills; (2) a revocable trust
altering and restating the trust established in 1985 (the 1992
Trust); (3) a charter creating the Foundation; and (4) a trust
for the benefit of his great-great grandchildren (the 3G Trust).
Decedent funded the 3G Trust with a portion of his SSE stock, and
the remainder of his shares were apparently held through the 1992
Trust. Additionally, on November 25, 1992, decedent, the 1992
Trust, the Foundation, and SSE entered an agreement providing for
the future redemption of certain SSE shares (the Redemption
Agreement).
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Last modified: May 25, 2011