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nothing in the record to suggest that Mr. Chisum exercised any
power or authority over the Legg Mason account. These facts
demonstrate the lack of an independent trustee for the purported
Lucky Kirt Trust.
C. Economic Interests of Beneficiaries
The Lucky Kirt Trust arrangement does not reflect an
economic interest’s being transferred to any other beneficiaries.
Raymond Roemer had the power to revoke or amend the trust, and
petitioners did not provide any evidence to the contrary. Thus,
Raymond Roemer essentially had unlimited power to control the
trust property in any manner, and upon his death, Mrs. Lundgren
in practice replaced her father as the trustee.
Mrs. Lundgren signed several documents for the USDA,
identifying herself in capacities such as the heir or beneficiary
of Lucky Kirt Trust and on behalf of Lucky Kirt Trust as
participant, owner, operator, manager, or agent. After Raymond
Roemer’s death in 1994, Mrs. Lundgren was the only one with
access and control over the Lucky Kirt Trust II bank account
because, as secretary, she was the only other person listed on
the account. Because the Lucky Kirt Trust had no other
beneficiaries than Mrs. Lundgren and because the Lucky Kirt Trust
II bank account was completely controlled by Mrs. Lundgren after
her father’s death, petitioners had the power to allocate all the
income and property of the trust to themselves to the detriment
of other potential trust beneficiaries.
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