Estate of Ida Abraham, Deceased, Donna M. Cawley, and Diana A. Slater, Administratrixes - Page 4

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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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