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or about November 3, 1993, Ms. Cawley and Mr. Nagel petitioned
the probate court for authority to “make gifts from funds not
needed for the * * * [decedent’s] own maintenance and support to
and/or in trust for the benefit of each of the * * * [decedent’s]
children and grandchildren and the spouses of her children.” The
reason for the gifting powers was, inter alia, that decedent’s
estate “is likely to be subject at her death to * * * taxes at
the highest marginal tax rates then in effect.” On December 30,
1993, the probate court signed a decree authorizing decedent’s
coguardians to make gifts.
On June 13, 1994, decedent’s children, their respective
counsel, as well as decedent’s legal guardians and
representatives agreed to a stipulation and agreement for entry
of decree to petition to establish an estate plan for decedent
(the decree) regarding decedent’s guardianship in Docket No. 92P
0589.5 The decree contemplated, inter alia, the following
actions to be performed on behalf of decedent:
1. The Walpole and the Smithfield properties were to be
placed in a family limited partnership (FLP) of which decedent
was to become the general and a limited partner. Mr. Richard
Abraham was to become a 30-percent limited partner in exchange
5Decedent’s children, their respective counsel, and
decedent’s representatives signed the decree on Aug. 1, 1995.
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