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personal property as well as the exclusive use of all his
lifetime services. The minutes also show that the directors were
authorized to seek an employer identification number for HGAMC by
substituting the word “Trust” for “Company” in the entity’s name.
On August 19, 1996, petitioners opened two checking accounts at
Fifth Third Bank, one in the name of Asset Protection Services
and one in the name of HGRCT. At some time prior to August of
1996, a checking account at Fifth Third Bank had been opened in
the name of HGAMC. Petitioners held sole signatory authority
over all three of these accounts.
A second meeting of the HGAMC board was held on August 20,
1996. On that date, Mr. Richardson transferred to HGAMC all of
his assets, real and personal, as well as his right to receive
future income and the exclusive use of his lifetime services
(“exception being that of an employee status”). The conveyance
expressly included all that he had received from Mrs. Richardson
under her August 7, 1996, assignment. HGAMC then issued to
Mr. Richardson a certificate representing all of the beneficial
interest; i.e., 100 units, in HGAMC. On the same August 20,
1996, date, Mr. Richardson returned the certificate to HGAMC,
asking the directors to cancel it and to reissue the units as
follows: 40 units to Mr. Richardson; 50 units to Mrs.
Richardson; and 10 units to HGRCT. New certificates were issued
to that effect. According to the terms of the certificates,
benefits conveyed by the units “[consisted] solely of the
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