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Senda & Associates, L.P.
Sometime in 1999, Dankenbring advised petitioner that, if
petitioner wished to transfer additional property in partnership
form to the children, he should form a second FLP instead of
recapitalizing SFLP I.
On December 2, 1999, the secretary of state of Missouri
issued a certificate of limited partnership for Senda &
Associates, L.P. (SFLP II). On December 4, 1999, Robert Brendell
signed, as trustee, the irrevocable trusts (trusts) for the
benefit of each child. Petitioner and Senda, however, did not
sign the trusts as “trustmakers” until May 1 and 11, 2000,
respectively. Although the trusts also list Citicorp Trust South
Dakota (Citicorp) as trustee, a representative of Citicorp never
signed the trusts.
On December 17, 1999, petitioners signed the SFLP II
Partnership Agreement (SFLP II Agreement). The partnership
interests, as set forth in the SFLP II Agreement, were initially
held as follows:
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