Gary L. Weiner - Page 5

                                        - 5 -                                         
          NHF remain fixed at the various initial death benefit amounts               
          even if the death benefits increased under the various policies.            
               Under the SDIAs, as long as the annual premiums were paid,             
          the family trusts were entitled to receive death benefits in the            
          amounts stated in the policies plus any increase in death                   
          benefits under the policies.                                                
          D.   The Insurance Policies on Petitioner’s Daughter and Son-In-            
               On October 17 and 18, 1995, the TRP trust bought BUL B140146           
          and WRL 01B0349121 on the life of Traci Rae Pontello.  On October           
          17 and 18, 1995, the FJP trust bought BUL B140145 and WRL                   
          01B0349122 on the life of Frank Pontello.                                   
          E.   Petitioner’s Payments to NHF and to the Insurance Companies            
               Petitioner sent checks for $93,000 to NHF on November 30,              
          1995, October 24, 1996, October 23, 1997, and October 21, 1998.             
          NHF was not obligated to use petitioner’s funds to pay the                  
          premiums on the insurance policies on the lives of his daughter             
          and son-in-law, but petitioner expected NHF to do so.  On the day           
          that NHF received petitioner’s payments, NHF paid to the                    
          insurance companies its $92,722 portion of the premiums for the             
          life insurance policies on the lives of Traci Rae Pontello and              
          Frank Pontello.  Each year from 1995-98, the trusts paid $7,278             
          to the insurance companies for premiums on those insurance                  

Page:  Previous  1  2  3  4  5  6  7  8  9  Next

Last modified: May 25, 2011