-12-
responding to emergencies. The marketable securities the
Partnership held continued to be managed by investment advisers
at Wells Fargo and Merrill Lynch after they were contributed to
the Partnership.
The Partnership has explored investment opportunities in
real estate and has bought and sold some securities. Over time,
the Partnership has become less invested in bonds and more
heavily invested in real estate.
The Partnership has made three loans, two of which were to
its partners. The Partnership lent $140,000 to Sigrid to enable
her to purchase a Florida condominium in her individual capacity.
The Partnership did not take a security interest in the
condominium but accepted Sigrid’s partnership interest as
collateral. When Sigrid learned that she could receive a more
favorable interest rate from a different lender, she brought this
to the Partnership’s attention, and the Partnership agreed to
reduce the interest rate on Sigrid’s loan. Sigrid, acting as
general partner of the Partnership, approved both the original
loan to herself and the subsequent rate reduction. The
Partnership also lent Chad $70,000. Sigrid and Chad each repaid
the loans timely.
Administration of the Estate and Payment of Estate Tax
Liabilities
Karen was appointed the personal representative of the
estate pursuant to Mrs. Erickson’s will. The estate was unable
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Last modified: November 10, 2007