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4. Mr. David Goldman, Esq. (hereinafter sometimes referred
to as the limited guardian ad litem), was to act as a limited
guardian ad litem for the benefit of decedent “with regard to her
general and limited partnership interests in each of the three”
FLPs. Furthermore,
Mr. Goldman shall have the right to meet with the
guardians of the person and the estate of Ida Abraham
in order to ascertain her needs to determine any and
all shortfall as between the funds generated by Ida
Abraham’s segregated property and the income required
of her from each of the separate limited partnerships.
5. Gifts of limited partnership interests in amounts not to
exceed the annual gift exclusion amount “shall be made as
expeditiously as possible” to decedent’s children, their spouses,
and her grandchildren.
6. Each of decedent’s children had the right to purchase
additional units from each of their respective FLPs, the proceeds
from which were to be held in a revocable trust for the benefit
of decedent during her life for her needs “(only if her other
assets are insufficient to do so)” and then held for such child
and his or her family upon decedent’s death.
7. Decedent’s living arrangement “shall remain in
accordance with the present arrangement and every effort will be
made to maintain her in ‘status quo’. Her segregated assets
shall be maintained at a level established by the limited
Guardian ad litem in his sole discretion.”
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Last modified: May 25, 2011