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before decedent died. After decedent died, decedent’s trust
continued to act as the general partner of the partnership until
the partnership was terminated. By December 31, 1998: (1) The
partnership was terminated; (2) final distributions were made to
the partners (including decedent’s trust); and (3) the
partnership’s dissolution documents were recorded in the office
of the California secretary of state.
K. Decedent’s Assets and Sources of Income
After her husband died, decedent received income from a
trust that she and her husband had established in 1954 (the 1954
trust). A California trust company served as the corporate
trustee of the 1954 trust. Initially, the corpus of the 1954
trust was an insurance policy on the life of decedent’s husband.
When the partnership was formed in 1994, decedent had
monthly income of $9,300 from the following sources:
Source Amount
Residential care insurance policies
Fireman’s Fund/American Express $2,100
AARP/Prudential 1,500
Total $3,600
Rental income--Padaro Lane property 3,500
Other income1 2,200
Total income 9,300
1 Veterans’ Administration benefits, Social Security, U.S.
Army retirement, distributions from the 1954 trust, and payments
from the sale of her husband’s business.
When the partnership was formed in 1994, decedent’s monthly
expenses were:
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