-6-
September 2000. The second facility was able to provide more
medical care and a more structured environment for Mrs. Erickson.
Mrs. Erickson also experienced other serious physical
problems in 2000 and 2001. She fell and fractured her right hip
on September 7, 2000. She fell several additional times over the
next few months and required surgery to replace her left hip
after a fall in May 2001. Mrs. Erickson’s family expected her to
live another year or two after the hip surgery. Mrs. Erickson
also fractured her collarbone in July 2001. Mrs. Erickson had
significant medical expenses, totaling $25,672 in 2000 and
$41,791 in 2001.
After Mrs. Erickson was diagnosed with Alzheimer’s disease,
Merrill Lynch Financial Foundation prepared a report at the
family’s request regarding Mrs. Erickson’s financial situation
and planning alternatives and recommendations. The report
indicated that Mrs. Erickson desired to maintain a $100,600
annual budget and minimize estate shrinkage. The report
estimated that the estate would owe over $500,000 in Federal
estate taxes and advised that tax and estate professionals be
consulted.
Formation of the Arthur and Hilde Erickson Family LLLP (the
Partnership)
Karen originally considered the possibility of forming a
family limited partnership in a meeting with counsel in March or
April 2001 where Chad and Karen’s own financial affairs were
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Last modified: November 10, 2007