Estate of Lea K. Hillgren, Deceased, Mark Hillgren, Executor - Page 15

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          invisible to the public and to persons with whom decedent and               
          Hillgren did business.                                                      
               On May 27, 1997, decedent executed seven quitclaim deeds,              
          transferring her interest in the LKHP properties to the amended             
          trust.  The deeds were unrecorded at the time of her death.  Also           
          on May 27, 1997, decedent assigned her partnership interest to              
          the amended trust.                                                          
               2.  Operation of LKHP                                                  
               The partnership agreement provided that the general partner            
          need not open a bank account in the name of the partnership, but            
          could instead maintain the existing bank account that was used by           
          Sea Shell and the amended trust.  As a result, LKHP did not have            
          a dedicated bank account during decedent’s lifetime.  Decedent              
          held a bank account at Wells Fargo Bank (Wells Fargo) that                  
          operated under the name of the amended trust, doing business as             
          Sea Shell.  The Wells Fargo account was used for operation of               
               LKHP’s financial statement dated June 5, 1997, and its                 
          general ledger from January 1 through June 30, 1997, included               
          decedent’s residence, the mortgage on her residence, and the                
          mortgage and property tax payments that were made on the                    
          residence.  Decedent’s residence and the expenses attributed to             
          the residence were removed from the ledger in a journal entry by            
          an adjustment dated January 1, 1997.  The adjusted journal entry            

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Last modified: May 25, 2011