Estate of Morton B. Harper, Deceased, Michael A. Harper, Executor - Page 39

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               As previously discussed, decedent continued to be the                  
          principal economic beneficiary of the contributed property after            
          HFLP’s creation.  The few minor distributions made to Michael and           
          Lynn, which tellingly ceased throughout the entire period that              
          funds were being disbursed for final gifts and estate expenses,             
          hardly evidence a meaningful economic stake in the assets during            
          decedent’s life.  Michael’s technical control over management and           
          distributions is likewise of little import.  Although there was             
          testimony that Michael reinvested proceeds of maturing bonds, and           
          he presumably collected interest and dividends paid on securities           
          held in HFLP’s name, these activities are more akin to passively            
          administrating than to actively managing the contributed                    
          portfolio.  From the documents in the record, it appears that the           
          composition of the portfolio changed little prior to decedent’s             
          death.  We also note that a significant percentage of the                   
          portfolio consisted of professionally managed bond funds.                   
               Given the above, we place little weight on averments                   
          concerning change, during decedent’s life, in the partners’                 
          relationships to the contributed property.  In addition, we                 
          believe that our conclusions in this regard are corroborated by             
          the alleged reason advanced at trial and on brief for                       
          establishment of the partnership.  The estate contends:                     

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