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After decedent died, the LRFLP redeemed the Lillie
Investment Trust’s limited partnership interest. Before the
redemption but after decedent’s death, $97,412 was paid from the
Merrill Lynch LRFLPA account to the benefit of decedent for the
period immediately preceding her death, or her estate. Of that
amount, $5,712 was used to pay decedent’s living expenses; $7,700
was used to pay decedent’s funeral expenses; and $14,000 was used
to pay decedent’s (or her estate’s) legal fees. The remaining
$70,000 was used to make $10,000 bequests to decedent’s son, Alan
Silver, Daniel Silver, Benita Silver Levin, Debbie Levens, Andra
Field, and a charitable organization. No note was prepared to
reflect any of these payments. On February 21, 2001, $2,230 from
the FNBC joint checking account was used to pay the Florida
intangible tax.
On February 1, 2001, the LRFLP and the Lillie Investment
Trust entered into the agreement for the redemption of the Lillie
Investment Trust’s limited partnership interest. In the
agreement, the LRFLP agreed to redeem the Lillie Investment
Trust’s limited partnership interest for $743,263. On March 7,
2001, the LRFLP paid decedent’s estate $341,977 of the redemption
price and retained the $401,286 balance in payment of the
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