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personal expenses: Robert’s American Association of Retired
Persons (AARP) supplemental insurance of $63 month, Karen’s health
insurance of $987 per quarter, and a subscription to the Wall
Street Journal. In addition, the corporation paid Robert $200 a
month for use of his truck in maintaining the ranch.
IV. Decedent’s Estate
A. Transactions With the Partnerships
Decedent died on May 15, 1995, at the age of 97. Upon
decedent’s death, the 1993 trust was to terminate and the entire
trust balance was to be paid and distributed to decedent’s then-
living lineal descendants, per stirpes. The trustees were
empowered to transfer money from the trust to decedent’s estate to
permit the funding of any monetary bequests made in decedent’s will
and the payment of any expenses.
At the time of his death, decedent held a majority interest in
the Turner and Thompson Partnerships, as well as stock in their
corporate general partners. He also held an interest in a
brokerage account of approximately $56,000, an interest in a mutual
fund of approximately $25,000, a checking account of approximately
$8,000, and a promissory note in the amount of $9,300.
The assets of the Turner Partnership (and the values of those
assets) as of decedent’s date of death were as follows:
Assets Value
First National Bank
General $3,404
Lewisville 1,479
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