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reported adjusted taxable gifts of $9,324 for gifts of the Turner
Partnership interests and $10,000 for gifts of the Thompson
Partnership interests.
The partnerships distributed funds to decedent to pay for his
personal expenses. In a January 19, 1995, handwritten letter to
Robert, Betsy wrote:
Here is a list of Dad’s 1994 expenses (The Keely
Mgt. fee will not be repeated.) The miscellaneous will
not be quite as high as he no longer buys lumber. But as
you can see he will need an infusion.
He still has, in his Alex Brown Acct. as of today
$31,806, $5,000 of this in cash.
C.G. Cheleden suggested we transfer securities into
his personal Alex Brown Acct # 05312, rather than each
partnership selling something & transferring cash. I
just looked at our partnership statement. We could
transfer a Penna. Higher Ed. Facility (50,000 shares
worth $50,864, � of it worth $25,432) & Dad could sell
these off as he needed them. Do you think $25,000 from
each of us [is] the right amount?
Let me know what you think. He’s okay for now, as
there is enough cash in the account for February.
Attached to the letter was a schedule of decedent’s expenses in
1994 totaling $57,202.40. This amount included Delaware State tax
of $7,347, Federal income tax of $23,623, and Cokesbury assisted
living center expenses of $20,072.20. The $57,202.40 total did not
include $3,000 which Betsy identified as a “Keely Mgt. (fee for
discounting partnerships)”.
The Thompson Partnership distributed $12,500 to decedent in
March 1995.
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