HomeMy WebLinkAbout2023-04-04; City Council; ; Release of claims regarding the Rosemary Falkenstein TrustCA Review ___AF___
Meeting Date: April 4, 2023
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Suzanne Smithson, Library & Cultural Arts Director
suzanne.smithson@carlsbadca.gov, 442-339-2010
Subject: Release of claims regarding the Rosemary Falkenstein Trust
District: All
Recommended Action
Adopt a resolution waiving and relinquishing any right to contest or object to the actions of the
trustee of the Rosemary Falkenstein Trust.
Executive Summary
In 2018, Rosemary Falkenstein bequeathed a portion of her estate to the Carlsbad City Library.
The administration of the trust is now complete and the Carlsbad City Library may receive a
final distribution of up to $25,016.35. Attorneys for the trustee are requesting that the City
Council approve an agreement waiving and relinquishing any right to contest or object to the
actions of the trustee of the Rosemary Falkenstein Trust, a final step in the closing of the estate.
Explanation & Analysis
Rosemary Falkenstein and her husband, Dr. Herbert Falkenstein, retired to Carlsbad in 1975. Dr.
Falkenstein, a scholar, college professor and diplomat, served on the city library’s Board of
Trustees from 1977-1988. As president of the Library Board in 1979-80, Falkenstein set goals to
increase the library service to the southern section of the city, ultimately resulting in the
construction of the City Library on Dove Lane, which opened in 1999. Dr. Falkenstein also built a
significant reputation as the creative force behind a series of popular, free and timely library
lectures and seminars, assisted by his wife Rosemary. He founded a lively discussion group of
local, national and international issues called the North County Forum which met at the
Carlsbad City Library.
Rosemary Falkenstein left 10% of her estate to the library, for the purpose of purchasing history
books. The Carlsbad City Library received $861,163, which was accepted via City Council
Resolution 2018-209.
In late February 2023, staff received correspondence from the attorneys for the trustee of the
estate stating that administration of the trust is complete, and the library may receive an
additional $25,016.35 final distribution. (Exhibit 2). Resolution 2018-209 accepted any final
distribution.
April 4, 2023 Item #4 Page 1 of 20
Attorneys for the trustee are seeking a release of claims from each beneficiary regarding the
trust established under the last will and testament of Rosemary Falkenstein, which will waive
and relinquish any right to contest or object to the actions of the trustee from Dec. 7, 2020, to
Jan. 31, 2023. Without a release of claims from each beneficiary, the trustee will likely petition
the court to approve the final accounting of the trust, which would result in additional
attorney’s fees and costs and reduce the amount of the final distribution.
Fiscal Analysis
The final distribution from the Falkenstein Trust will be deposited in a library special revenue
account, with a designation for expenditures in support of history resources.
Next Steps
Library staff will request appropriation of the funds through the regular budget process or as
part of a capital project as appropriate, both subject to City Council approval, in accordance
with Rosemary Falkenstein’s wish to preserve and support historical resources.
Environmental Evaluation
In accordance with Public Resources Code section 21065, this action does not constitute a
project within the meaning of the California Environmental Quality Act in that it has no
potential to cause either a direct physical change in the environment or a reasonably
foreseeable indirect physical change.
Exhibits
1. City Council resolution
2. February 2023 letter from trustee
April 4, 2023 Item #4 Page 2 of 20
RESOLUTION NO. 2023-100
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, WAIVING AND RELINQUISHING ANY RIGHT TO CONTEST OR
OBJECT TO THE ACTIONS OF THE TRUSTEE OF THE ROSEMARY FALKENSTEIN
TRUST
WHEREAS, Rosemary Falkenstein bequeathed a portion of her estate to the Carlsbad City
Library for the purpose of purchasing history books; and
WHEREAS, the City Council of the City of Carlsbad, California accepted an $861,163 donation
via City Council Resolution 2018-209 in December of 2018; and
WHEREAS, the final administration of the trust is complete and a final distribution of $25,016.35
will be paid to the Carlsbad City Library; and
WHEREAS, in order to facilitate the final distribution, attorneys for the trustee are requesting
the City sign an agreement waiving and relinquishing any right to contest or object to the actions of the
trustee of the Rosemary Falkenstein Trust.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as
follows:
1.That the above recitations are true and correct.
2.That the City Manager, or designee, is authorized and directed to execute the Release
of Claims Regarding the Testamentary Trust of Rosemary Falkenstein (Attachment A).
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of
Carlsbad on the 4th day of April, 2023, by the following vote, to wit:
AYES:
NAYS:
ABSTAIN:
ABSENT:
Blackburn, Bhat-Patel, Acosta, Burkholder, Luna.
None.
None.
None.
1'Y
KEITH BLACKBURN, Mayor
SHERRY FREISINGER, City Clerk
(SEAL)
Exhibit 1
April 4, 2023 Item #4 Page 3 of 20
fui
Attachment A
April 4, 2023 Item #4 Page 4 of 20
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DAVIDS. PAWLOWSKI, SBN: 169909
ALBENCE & ASSOCIATES, APC
7777 Fay Avenue, Suite 315
La Jolla, CA 92037
Telephone (858) 454-0024
Facsunile (858) 454-1250
AttornA for Trustee
TANY ISAAK
In the Matter of:
THE TESTAJvIENTARY TRUST
ESTABLISHED UNDER THE LAST
WILL AND TESTAivIENT OF
ROSEl'vIARY FALKENSTEIN, dated
September 2, 1999.
I, the undersigned, declare as follows:
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RELEASE OF CLAIMS REGARDING
THE TESTAIVIENTARY TRUST
ESTABLISHED UNDER THE LAST
WILL AND TESTAMENT OF
ROSEMARY FALKENSTEIN,
1. ROSEMARY FALKENSTEIN, as trustor, executed her Last Will and Testament,
containing a Testamentary Trust, at Victoria, British Columbia, Canada, on September 2, 1999.
The Trust is known as the TESTAMENTARY TRUST ESTABLISHED UNDER THE LAST
WILL AND TESTAMENT OF ROSEMARY FALKENSTEIN (hereinafter "the Trust").
2. SUSANK. FOX was appointed by the Court to serve as trustee on September 26, 2018,
and she served as trustee until her death on December 6, 2020.
3. TANYA ISAAK 01ereinafter "the Trustee") was appointed by the Court to senre as
successor trustee on November 24, 2021 and has served as trustee since that time.
4. The Trustee has administered the Trust and is in a position to make final distributions
from the Trust. The Trustee has provided me with an accounting covering December 7, 2020
to January 31, 2023 ("the Accounting") and a Proposed Distribution Schedule. The Accounting
adequately disclosed all of the assets of the Trust.
5. I hereby waive and relinquish any right to contest or object to the actions of the Trustee
from December 7, 2020 to January 31, 2023 as disclosed in the Accounting. Further, I hereby
forever release and discharge the Trustee of and from any and all claims, demands, suits, actions
Attachment A
April 4, 2023 Item #4 Page 5 of 20
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and liabilities or responsibilities of whatsoever kind or nature, arising out of or in connection with
her tenure as trustee of the Trust for actions or omissions occurring prior to January 31, 2023.
6. I hereby agree to assume and pay my proportionate share (not to exceed the amount of the
trust estate distributed to me) of all taxes and other liabilities for which the trust estate or Trustee
may hereafter be liable, to the extent the Trustee would have been entitled to be reimbursed from
tl1e Trust property had such property remained in the possession of the Trustee and not been
distributed to tl1e beneficiaries.
7. The terms of this Release of Claims, the Trust, the Accounting, and the Proposed Distribution
Schedule, shall be binding upon myself, my heirs, legatees and assignees.
8. In the event legal action is necessary to enforce or interpret this Release of Claims, the
prevailing party shall be entitled to reasonable attorney's fees and costs.
9. I acknowledge I have been given ample opportunity to retain independent legal counsel to
represent me in this matter and I have chosen not to retain legal counsel.
I declare under penalty of perjury under the laws of the State of California that the
foregoing is true and correct.
CARLSBAD CITY LIBRARY
Date: _______ _ By:---------------Print Name ____________ _
22 Tax ID No. _________ _
(necessary for income tax returns)
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Exhibit 2
April 4, 2023 Item #4 Page 6 of 20
ALBENCE & ASSOCIATES APC
ATTORNEYS AT LAW
LA .JOLLA OFFICE
7777 FAY AVENUE SUITE 3 I 5 LA .JOLLA CA 92037
TEL 858.454.0024 FAX 858.454. I 250
WWW .ALBENCE. COM
REPLY To: T
OFFICES AVAILABLE THROUGHOUT SOUTHERN CALIFORNIA
CHRISTOPHER ...J. ALBENCE, Eso*
DAVIDS. PAWLOWSKI, Eso
KEELEY c. LuHNow, Eso
*CERTIFIED SPECIALIST, ESTATE
PLANNING, TRUST AND PROBATE LAW
THE STATE BAR OF CALIFORNIA BOARD
OF LEGAL SPECIALIZATION
University of Victoria
WWW.ALBENCE.COM
February 27, 2023
Planned Giving & Estate Administration
PO Box 1 700 STN CSC
Carls bad City Library
1775 Dove Lane
Carlsbad, CA 92011
Victoria, BC V8W 2Y2 Canada
City of Hope Medical Center
Department of Planned Giving
1500 E. Duarte Rd.
Salvation Army of Canada
Estates Section
2 Overlea Blvd.
Duarte, CA 91010-3012 Toronto, Ontario, Canada M4H 1P4
John Walker
1332 Krug Court
Vista, CA 92081
Robert Walker
1329 Orangewood Square
Corona, CA 92882
Canadian Red Cross Society
100-1305 11 Avenue SW
Calgary, AB Canada T3C 3P6
Re: Testamentary Trust Established Under the Last Will and
Testament Of Rosemary Falkenstein
Dear Beneficiaries:
As you may recall, this Firm represents Tanya Isaak as Trustee of the Testamentary
Trust Established Under the Last Will and Testament Of Rosemary Falkenstein
(hereinafter "the Trust"). The Trust is now in a position to be fully distributed.
Page 1 of 3
April 4, 2023 Item #4 Page 7 of 20
The Trustee has performed all required duties of a Trustee, including the care and
custody of the assets composing the corpus of the Trust; marshaling all assets; disbursements
of the expenses; making investments in the best interest of the Trust. The Trustee will also
complete and file the final tax returns for the Trust.
Attorneys, Albence & Associates, APC, employed by the Trustee, performed the
following services: being available to the Trustee during the period of the accounting for all
required legal services connected ,,,ith the Trust and its administration.
All investments of Trust principal shown in this account were authorized and proper
investments of the principal of this Trust under its provisions and under the laws of this state,
and were made or retained as set forth in this account for the best interest of the Trust and for
all interested persons. All cash has been invested and maintained in interest-bearing accounts
or in investments authorized by law or the governing instrument, except for such sums that
were/ are reasonably necessary for the Trust's orderly administration.
The Trustee has not hired any family members or affiliates of the Trustee to perform any
service to the Trust during tenure as Trustee.
The Trustee is required by law to advise you of the following:
1. Each beneficiary may petition the court under California Probate Code
§17200 to obtain an accounting of the Trust and review the acts of the Trustee.
2. Claims for breach of trust are barred after the expiration of three (3) years
from the date you receive an account and report that discloses facts giving rise to a claim
under California Probate Code § 16063.
Enclosed is an Accounting of the Trust for the period December 7, 2020 through January
31, 2023, with a Proposed Distribution Schedule.
As disclosed above, California Probate Code §16063 allows for a three (3) year statute
of limitations on accountings. Therefore, in order to protect the Trustee from these potential
claims, which may not result for three years, it is my professional advice to the Trustee to hold
a sufficient reserve until the three (3) years have expired. By holding a reserve, the Trustee will
have access to Trust funds to address any legal action or administration issues which may arise.
It will also provide liquidity to address any unanticipated or unknown expense or tax.
\X'ithholding a reserve will result in less of a distribution to the beneficiaries at this time.
Alternatively, the Trustee could submit the accounting to the court for approval pursuant
to California Probate Code §17200. This will provide the Trustee with the desired protection
because upon approval by the court the three (3) year statute of limitations would no longer
apply. The Trustee could make the proposed distributions set forth in the Proposed
Distribution Schedule without the need to be as cautious and without retaining a large reserve.
However, preparing a court accounting and accompanying report and submitting this matter to
Page 2 of 3
April 4, 2023 Item #4 Page 8 of 20
the court will increase the amount of attorneys fees and costs. Further, it will delay the Trust's
distribution pending the conclusion of the court process.
In an effort to avoid these two potentially undesirable courses of action, I propose the
following: if you approve the Accounting and are in agreement with the enclosed Release of
Claims, please sign it and return it to my La Jolla office. In addition, please write your social
security number (or your organization's tax identification number) on the line below your
signature. The Trustee's accountant needs to include the beneficiaries' social security numbers
(and tax identification numbers) on the Trust income tax returns. Upon receipt of an executed
Release of Claims from the beneficiaries of the Trust Estate, the Trustee will make the
distributions as set forth in the Proposed Distribution Schedule. You should consult with your
income tax preparer regarding any potential taxes you may owe as a result of the inheritance you
receive from the Trust.
If you are in agreement with the accounting and release method, please indicate so by
executing the Release of Claims and returning it to me ,vi thin 30 days of the date of this letter.
You may return the release by email to Dave@albence.com, fax, or regular mail. If I do not
receive Release of Claims from all beneficiaries, then the Trustee will likely petition the court for
approval of the accounting, which ,vill cost additional fees and cause delay.
Should you have any questions, please contact me at your convenience.
Very truly yours,
David S. Pawlowski
DSP/jkg
cc: Tanya Isaak
Page 3 of 3
April 4, 2023 Item #4 Page 9 of 20
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DAVIDS. PAWLOWSKI, SBN: 169909
ALBENCE & ASSOCIATES, APC
7777 Fay Avenue, Suite 315
La?colla, CA 92037
Te ephone (858) 454-0024
Facsunile (858) 454-1250
AttornA for Trustee
TANY ISAAK.
In the Matter of:
THE TESTAJvfENTARY TRUST
ESTABLISHED UNDER THE LAST
WILL AND TESTAMENT OF
ROSEMARY FALKENSTEIN, dated
September 2, 1999.
I, the undersigned, declare as follows:
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RELEASE OF CLAIMS REGARDING
THE TESTAiVIENTARY TRUST
ESTABLISHED UNDER THE LAST
WILL AND TESTAMENT OF
ROSEMARY FALKENSTEIN,
1. ROSEMARY FALKENSTEIN, as trustor, executed her Last Will and Testament,
containing a Testamentary Trust, at Victoria, British Columbia, Canada, on September 2, 1999.
The Trust is known as the TESTAMENTARY TRUST ESTABLISHED UNDER THE LAST
WILL AND TESTAJ\1ENT OF ROSEMARY FALKENSTEIN (hereinafter "the Trust").
2. SUSANK. FOX was appointed by the Court to serve as trustee on September 26, 2018,
and she served as trustee until her death on December 6, 2020.
3. TANYA ISAAK 01ereinafter "the Trustee") was appointed by the Court to serve as
successor trustee on November 24, 2021 and has se1ved as trustee since that time.
4. The Trustee has administered the Trust and is in a position to make final distributions
from the Trust. The Trustee has provided me with an accounting covering December 7, 2020
to J anuaiy 31, 2023 ("the Accounting") and a Proposed Distribution Schedule. The Accounting
adequately disclosed all of the assets of the Trust.
5. I hereby waive and relinquish any right to contest or object to the actions of the Trustee
from December 7, 2020 to January 31, 2023 as disclosed in the Accounting. Further, I hereby
forever release and discharge the Trustee of and from any and all claims, demands, suits, actions
April 4, 2023 Item #4 Page 10 of 20
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and liabilities or responsibilities of whatsoever kind or nature, arising out of or in connection with
her tenure as trustee of the Trust for actions or omissions occurring prior to January 31, 2023.
6. I hereby agree to assume and pay my proportionate share (not to exceed the amount of the
trust estate distributed to me) of all taxes and other liabilities for which the trust estate or Trustee
may hereafter be liable, to the extent the Trustee would have been entitled to be reimbursed from
the Trust property had such property remained in the possession of tl1e Trustee and not been
distributed to tl1e beneficiaries.
7. The terms of this Release of Claims, the Trust, the Accounting, and the Proposed Distribution
Schedule, shall be binding upon myself, my heirs, legatees and assignees.
8. In the event legal action is necessary to enforce or interpret this Release of Claims, the
prevailing party shall be entitled to reasonable attorney's fees and costs.
9. I acknowledge I have been given ample opportunity to retain independent legal counsel to
represent me in this matter and I have chosen not to retain legal counsel.
I declare under penalty of perjury under the laws of the State of California that the
foregoing is true and correct.
CARLSBAD CITY LIBRARY
Date: _______ _ By:----------------Print Name ____________ _
22 Tax ID No. ----------( n e c es s a 1 y for income tax returns)
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April 4, 2023 Item #4 Page 11 of 20
MATTER OF: CASE NUMBER: Testamentary Trust Established Under the Last Will and Testament
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13a
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of Rosemary Falkenstein
Tanya Isaak, Trustee
SUMMARY OF ACCOUNT
First and Final Account Current
(December 7, 2020 through January 31, 2023)
C H ARGES
Property on Hand at Beginning of Account Period, consisting of:
Cash As sets
Non-Cash Assets
Schedule PH
$ 276,552.18
$ -
Total Property on Hand at Beginning of Account Period
Additional Prope1ty Received During Period of Account Schedule PR
Receipts During Period of Account Schedule A
Gains on Sales During Period of Account Schedule B
Other Charges: Schedule OCH
Net Income From Trade or Business During Period of Account Schedule NI
TOT AL CHARGES
CREDITS
Disbursements During Period of Account Schedule C
Losses on Sales During Period of Account Schedule D
Distributions During Period of Account Schedule W
Other Credits: Schedule OCR
Net Loss From Trade or Business During Period of Account Schedule NL
Property on Hand at End of Account Period, consisting of: Schedule E
Cash Assets $ 262,163.47
Non-Cash Assets $ -
Total Propetty on Hand at End of Account Period
TOTAL CREDITS
FOR INFORMATIONAL PURPOSES ONLY
Information Schedule/ Change in Form of Assets Schedule F
Proposed Plan of Final Distribution Schedule W
Fair Market Value of All Assets at Beginning of Account Schedule PH
Fair Market Value of All Assets at End of Account Schedule E
$ 276,552.18
$ -
$ 727.06
$ -
$ -
$ -
$ 277,279.24
$ 15,115.77
$ -
$ -
$ -
$ -
$ 262,163.47
$ 277,279.24
Included
Included
$ 276,552.18
$ 262,163.47
Rosemary Falkenstein Testamentary Trust
Tanya Isaak, Trustee
First and Final Account Current
12/07/2020 -01 /31/2023
April 4, 2023 Item #4 Page 12 of 20
SCHEDULE PH
PROPERTY ON HAND AT BEGINNING OF ACCOUNT PERIOD
Description
Cash Assets
Chase, Checking #XXXX-XXXX-XXX-7603
Chase, Savings #XXXX-XXXX-XXX-6007
Merrill Lynch, Cash/ Money Market #XXXX-3867*
Subtotal Cash Assets
Non-Cash Assets
Stock Certificates:
4.000 Coastal International, Ltd.
25.000 Gulf Life Holding Company
25.000 Gulf Life Holding Company
50.000 Gulf Life Holding Company
100.000 Gulf Life Holding Company
I 00 .000 Gulf Life Holding Company
100.000 Gulf Life Holding Company
I 00.000 Gulf Life Holding Company
100.000 Gulf Life Holding Company
100.000 Gulf Life Holding Company
200.000 Gulf Life Holding Company
I 00.000 Gulf United Corporation
5.000 Northwest Pipeline Corporation
1.000 The United Corporation
3.000 The Uniled Corporation
I 00.000 Utilities Power & Light Corporation
100.000 Utilities Power & Light Corporation
Subtotal Non-Cash Assets
TOTAL BEGINNING ASSETS (12/07/2020):
*Prior accounting ended with I 0/31/2020 activity due to
inability to obtain statements after former Trustee's passing.
Rosema1y Falkenstein Testamentary Trust
Tanya Isaak, Trustee
Carry Value Market Value
$
NII ,
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
$
$
3,853.10 3,853.10
20 ,293 .56 20,293.56
252,405.52 252,405.52
276,552.18 $ 276,552.18
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
$
276,552.18 $ 276,552.18
First and Final Account Current
I 2/07/2020 -0 I /3 I /2023
April 4, 2023 Item #4 Page 13 of 20
SCHEDULE A
RECEIPTS DURING PERIOD OF ACCOUNT
Date Description Amount
Interest Income, Chase #6007
12/31/20 Chase Interest 0.34
01/29/21 Chase Interest 0.32
02/26/21 Chase Interest 0.22
03/31 /21 Chase Interest 0.36
04/30/21 Chase Interest 0.33
05/28/2 I Chase Interest 0.31
06/30/21 Chase Interest 0.36
07/30/21 Chase Interest 0.33
08/31/21 Chase Interest 0.35
09/30/21 Chase Interest 0.33
I 0/29/21 Chase Interest 0.32
11/30/21 Chase Interest 0.35
12/31 /2 I Chase Interest 0.34
Ol /31/22 Chase Interest 0.34
02/28/22 Chase Interest 0.31
03/31/22 Chase Interest 0.34
04/29/22 Chase Interest 0.32
05/31/22 Chase Interest 0.35
06/30/22 Chase Interest 0.19
07/29/22 Chase Interest 0.26
08/31/22 Chase Interest 0.36
09/09/22 Chase Interest 0.09 6.82
Interest Income. Chase #7603
12/31/20 Chase Interest 0.03
01/29/21 Chase Interest 0.03
02/26/21 Chase Interest 0.03
03/31/21 Chase Interest 0.03
04/30/21 Chase Interest 0.03
05/28/21 Chase Interest 0.03
06/30/21 Chase Interest 0.03
07/30/21 Chase Interest 0.03 08/31/21 Chase Interest 0.03
09/30/21 Chase Interest 0.03
I 0/29/21 Chase Interest 0.03
11/30/21 Chase Interest 0.03
12/31/21 Chase Interest 0.03
01/31/22 Chase Interest 0.03
02/28/22 Chase Interest 0.03
03/31/22 Chase Interest 0.03
04/29/22 Chase Interest 0.03
05/31/22 Chase Interest 0.03
06/30/22 Chase Interest 0.03
Rosemary Falkenstein Testamentary Trust First and Final Account Current Tanya Isaak, Trustee I 2/07/2020 -0 I /3112023
April 4, 2023 Item #4 Page 14 of 20
SCHEDULE A
RECEIPTS DURING PERIOD OF ACCOUNT
Date
07/29/22 Chase
08/31/22 Chase
09/09/22 Chase
Interest Income, Merrill Lynch #3867
11/30/20 Merrill Lynch
12/31/20 Merrill Lynch
01/29/21 Merrill Lynch
02/26/21 Merrill Lynch
03/31/21 Merrill Lynch
04/30/21 Merrill Lynch
05/28/21 Merrill Lynch
06/30/21 Merrill Lynch
07/30/21 Merrill Lynch
08/31/21 Merrill Lynch
09/30/21 Merrill Lynch
10/29/21 Merrill Lynch
11/30/21 Merrill Lynch
12/31/21 Merrill Lynch
01/31/22 Merrill Lynch
02/28/22 Merrill Lynch
03/31/22 Merrill Lynch
04/29/22 Merrill Lynch
05/31/22 Merrill Lynch
06/30/22 Merrill Lynch
07/29/22 Merrill Lynch
08/31/22 Merrill Lynch
09/30/22 Merrill Lynch
10/31/22 Merrill Lynch
I 1/30/22 Merrill Lynch
12/30/22 Merrill Lynch
01/12/23 Merrill Lynch
Interest Income, Torrey Pines Bank #5707
04/30/22 Torrey Pines Bank
05/31 /22 Torrey Pines Bank
06/30/22 Torrey Pines Bank
07/31/22 Torrey Pines Bank
08/31/22 Torrey Pines Bank
09/30/22 Torrey Pines Bank
I 0/31/22 Torrey Pines Bank
I 1 /30/22 Torrey Pines Bank
12/31 /22 Torrey Pines Bank
01/31/23 Torrey Pines Bank
Rosemary Falkenstein Testamenta1y Trust
Tanya Isaak, Trustee
Description
Interest
Interest
Interest
J nterest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
J nterest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Amount
0.03
0.03
0.01 0.64
2.80
2.80
2.62
2.53
2.99
2.71
2.53
2.99
2.71
2.89
2.71
2.63
2.89
2.80
2.80
2.53
2.8 I
2.3 I
2.32
2.18
2.11
22.14
33.81
94.37
156.00
175.81
76.23 614.02
1.09
1.80
3.94
8.23
7.96
8.49
12.91
13.72
15.06
32.38 I 05.58
First and Final Account Current
12/07/2020 -
0
I
/3 I /2023
April 4, 2023 Item #4 Page 15 of 20
SCHEDULE A
RECEIPTS DURING PERIOD OF ACCOUNT
Date
Rosemary Falkenstein Testamentary Trust
Tanya Isaak, Trustee
Description
TOTAL RECEIPTS:
Amount
$ 727.06
First and Final Account Current
I 2/07/2020 -
0
I
/3 I /2023
April 4, 2023 Item #4 Page 16 of 20
SCHEDULEC
DISBURSEMENTS DURING PERIOD OF ACCOUNT
Date No.
Administration
04/13/22 1002 Libetty Fiduciary Services
04/13/22 1002 Libetty Fiduciary Services
04/13/22 1002 Liberty Fiduciary Services
04/13/22 1002 Liberty Fiduciary Services
04/13/22 1002 Liberty Fiduciary Services
04/13/22 1002 Libetty Fiduciary Services
04/13/22 1002 Libetiy Fiduciary Services
04/13/22 1002 Liberty Fiduciary Services
04/13/22 1002 Libetty Fiduciary Services
04/13/22 1002 Liberty Fiduciary Services
04/13/22 1002 Liberty Fiduciary Services
04/13/22 1002 Liberty Fiduciary Services
04/13/22 1002 Libe11y Fiduciary Services
Bank Fees
06/30/22 EFT Chase Bank #7603
07/29/22 EFT Chase Bank #7603
08/31/22 EFT Chase Bank #7603
Professional Fees, Attorney
04/13/22 1003 Albence & Associates APC
04/13/22 1004 MMPP&H
04/13/22 1006 MMPP&H
04/13/22 1007 MMPP&H
Professional Fees, Bond
04/13/22 l000 Bond Services Of California
11/18/22 1013 Bond Services Of California
Professional Fees, CPA
04/13/22 1001 Levitzacks CPA
06/23/22 EFT Levitzacks CPA
Professional Fees, Trustee & Staff Fees
04/13/22 1002 Libetty Fiduciary Services
07/14/22 1009 Isaak Fiduciary
07/21/22 1010 Isaak Fiduciary
08/19/22 1012 Isaak Fiduciary
I 0/11/22 1011 Isaak Fiduciary
Taxes
04/13/22 1005 United States Treasury
Rosemary Falkenstein Testamentary Trust
Tanya Isaak, Trustee
Description Amount
USPS -Certified, Carlsbad City Library 4.75
USPS -Cettified, City of Hope 4.75
USPS -Certified, Lorraine Brown 4.75
USPS -Cettified, Est of Charles M. Walk 4.75
USPS -Postage, Canadian Red Cross 2.63
USPS -Postage, University of Victoria 2.63
USPS -Postage, Salvation Army Cananda 2.63
USPS -Ce1tified, Ogden Service Center 4.10
USPS -Cettified, IRS 4.10
Computershare -Expedited Statement 35.00
Computershare -Expedited Statement 25.00
Courthouse -Parking Fee 8.00
Superior Couit -Ce1tified Minute Order 52.50 155 .59
Monthly Maintenance Fee 35.00
Monthly Maintenance Fee 35.00
Monthly Maintenance Fee 35.00 105.00
Client Retainer 3,000.00
Dec 2021 Attorney Fees 31 .00
Aug 2021 Attorney Fees 1,868.14
Nov 2021 Attorney Fees 729.50 5,628.64
202 I -2022 Trust Bond 1,360.00
2022-2023 Trust Bond 1,360.00 2,720.00
Outstanding Charges for Prior Work 542.50
Misc Correspondence & Tax Services 1,961.25 2,503 .75
Nov 2020 Trustee & Staff Fees 360.40
Sep 2021 -Mar 2022 Trustee & Staff Fee: 1,563.00
Apr 2022 Trustee & Staff Fees 752.50
May 2022 Trustee & Staff Fees 234.33
Jun -Sep 2022 Trustee & Staff Fees 960.00 3,870.23
Unpaid Additional 20 I 8 Federal Taxes 132.56 132.56
First and Final Account Current
12/07/2020 -0 I /3 I /2023
April 4, 2023 Item #4 Page 17 of 20
SCHEDULE C
DISBURSEMENTS DURING PERIOD OF ACCOUNT
Date No.
Rosemary Falkenstein Testamentary Trust
Tanya Isaak, Trustee
Description
TOTAL DISBURSEMENTS:
Amount
$15,115.77
First and Final Account Cun-ent
I 2/07/2020 -
0
I
/3 I /2023
April 4, 2023 Item #4 Page 18 of 20
SCHEDULEE
PROPERTY ON HAND AT END OF ACCOUNT PERIOD
Description
Cash Assets
Chase, Checking #XXXX-XXXX-XXX-7603 *
Chase, Savings #XXXX-XXXX-XXX-6007*
Torrey Pines Bank, Checking #XXXXXX5707
Merrill Lynch, Cash/ Money Market #XXXX-3867*
Subtotal Cash Assets
Non-Cash Assets
Stock Certificates:
4.000 Coastal International, Ltd.
25.000 Gulf Life Holding Company
25.000 Gulf Life Holding Company
50.000 Gulf Life Holding Company
I 00.000 Gulf Life Holding Company
100.000 Gulf Life Holding Company
100.000 Gulf Life Holding Company
100.000 Gulf Life Holding Company
100.000 Gulf Life Holding Company
I 00.000 Gulf Life Holding Company
200.000 Gulf Life Holding Company
100.000 Gulf United Corporation
5.000 Northwest Pipeline Corporation
1.000 The United Corporation
3.000 The United Corporation
I 00.000 Utilities Power & Light Corporation
100.000 Utilities Power & Light Corporation
Subtotal Non-Cash Assets
TOTAL ENDING ASSETS (01/31/2023):
* Account closed
Rosemary Falkenstein Testamentary Trust
Tanya Isaak, Trustee
Carry Value Market Value
$
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
$
$
262,163.47 262,163.47
262,163.47 $ 262,163.47
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
$
262,163.47 $ 262,163.47
First and Final Account Current
I 2/07/2020 - 0 I /3 l /2023
April 4, 2023 Item #4 Page 19 of 20
SCHEDULE F
INFORMATION SCHEDULE/ CHANGE IN FORM OF ASSETS
Asset I Transaction Description
TRANSFERS BETWEEN ACCOUNTS:
04/13/22
04/13/22
09/23/22
09/09/22
09/23/22
09/09/22
01/26/23
01/12/23
01/26/23
01/13/23
Transfer TO: Torrey Pines Bank #XXXXXX5707
Transfer FROM: Merrill Lynch #XXX-XX3867
Transfer TO: Torrey Pines Bank #XXXXXX5707**
Transfer FROM: Chase #XXXX-XXXX-XXX-7603*
Transfer TO: Torrey Pines Bank #XXXXXX5707**
Transfer FROM: Chase #XXXX-XXXX-XXX-6007*
Transfer TO: Torrey Pines Bank #XXXXXXS707**
Transfer FROM: Merrill Lynch #XXX-XX3867*
Transfer TO: Torrey Pines Bank #XXXXXX5707**
Transfer FROM: Merrill Lynch #XXX-XX3867***
VOIDED CHECKS
5/13/2022 Torrey Pines Bank, Check# I 008
* Account Closed and Check Issued
**Check from Closed Account Deposited
***Check Issued for Additional Interest on Closed Account
Rosemary Falkenstein Testamentary Trust
Tanya Isaak, Trustee
Amount
(50,000.00)
50,000.00
(3 ,748.74)
3,748.74
(20,300.38)
20,300.38
(202,943.31)
202,943.31
(76.23)
76.23
First and Final Account Cu1Tent
12/07/2020 - 0 I /3 I /2023
April 4, 2023 Item #4 Page 20 of 20
SCHEDULEW
PLAN OF FINAL DISTRIBUTION
Asset I Transaction Description
TOTAL FUNDS AVAILABLE
Trustee Reserve for Additional Expenses/faxes*
NET ASSETS AVAILABLE FOR DISTRIBUTION
DISTRIBUTIONS:
University of Victoria Foundation
Carlsbad City Library
City of Hope Medical Centre
The Governing Council of the Salvation Army in Canada
Canadian Red Cross Society
Estate of Roger S. Brown (Estate of Lorraine Walsh Brown)
Robet1 E. Walker (Estate of Charles Malcolm Walker)
John C. Walker (Estate of Charles Malcolm Walker)
TOT AL AMOUNT TO BE DISTRIBUTED:
*Trustee Reserve to consist of
Final Legal Fees and Expenses
Final CPA Fees for Tax Return/Form Preparation
Final Fiduciary Fees and Expenses
TOT AL RESERVE:
Rosemary Falkenstein Testamentary Trust
Tanya Isaak, Trustee
Shares
40.00
10.00
J0.00
10.00
10.00
10.00
5.00
5.00
100.00
Amount
$ 262,163.47
$ (12,000.00)
$ 250,163.47
100,065.39
25 .0 I .35
25,0 I 6.35
25,016.35
25 ,016.35
25,016.35
12,508.17
12,508.17
250,163.47
2,000.00
5,000.00
5,000.00
12,000.00
First and Final Account Current
12/0712020 -
0
I
/3 I /2023