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The parties acknowledge that the children have a
brokerage account located at First Albany which is
maintained by the parties, same having a balance of
approximately $350,000.00. It is the intention of the
parties that this account be utilized for purposes of
paying the children’s college education for 4
consecutive years and that an inter vivos trust be
established funded with the funds for the benefit of
the children by 9/1/00. * * * The Husband shall make
the day to day investment decisions regarding these
funds, however, all major investment decisions shall be
agreed upon by the parties. * * * Both parties shall
receive all monthly statements for this account * * *.
Petitioner’s former spouse, however, established the Monte
Educational Trust in April 2002.
During their marriage, the statements and Forms 1099, if
any, concerning the education accounts reflected petitioner’s and
his former spouse’s joint names and were addressed and mailed to
the Aurora home.3 After an acrimonious divorce, the statements
continued to reflect petitioner’s and his former spouse’s joint
names and to be addressed and mailed to the Aurora home.
In 2000, petitioner contacted First Albany on several
occasions informing the company of an address change and
requesting that copies of the education account statements, as
well as his individual brokerage account statements, be mailed to
the Clarendon address.4 Pursuant to his request, petitioner
3 Although not specifically referenced in the record, it
appears that Form 1099-DIV, Dividends and Distributions, is the
relevant document.
4 Pursuant to petitioner’s change of address request, First
(continued...)
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