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2. Decedent and Her Family
Decedent was born in 1906. She was married to John Rector,
Sr. (Jack Rector). Decedent and Jack Rector had two sons, John
Rector and Frederic Rector. John Rector has been a licensed
investment broker since 1961, and he has managed equity, fixed
income, venture capital, and other investments. John Rector also
holds a securities license, a commodities license, an insurance
license, an options license, and a registered investment advising
license. John Rector was actively involved in decedent’s
finances.
3. Decedent’s Trusts
In 1975, decedent and Jack Rector created a trust. After
Jack Rector died in 1978, the trust was bifurcated into Trust A
and Trust B. John Rector was the investment counselor to Trust A
and Trust B. In that capacity, John Rector managed the
investment portfolio of each trust, recommended transactions to
decedent, and executed the transactions she authorized him to
make. John Rector also was a cotrustee of Trust A and Trust B.
Decedent was the other cotrustee of Trust A, and Frederic Rector
was the other cotrustee of Trust B.
The property transferred to Trust A was decedent’s share of
the community property from her marriage, decedent’s separate
property, and one-half of Jack Rector’s gross estate. Decedent
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Last modified: March 27, 2008