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Expense item Monthly expense
Food, clothing, misc. $1,005
Housing and utilities 1,756
Transportation 307
Health care 533
Taxes (income and FICA) 707
Life insurance 121
Other secured debt 460
Other expenses 458
Total 5,347
Petitioners did not explain the “other secured debt” or “other
expenses”.7
In the letter explaining the offer amount, petitioners
stated that they were offering to pay $25,000 “in satisfaction
for all years related to the Hoyt investment (1981 through 1996).
Our retirement analysis shows that the Andrews will run out of
funds in 2011, even without making the $25,000.00 payment. Thus,
due to their age and medical concerns, $25,000.00 is a reasonable
offer.” The letter also included “medical and retirement
considerations” and a “retirement analysis”. Petitioners’
medical and retirement considerations included: (1) Mrs. Andrews
had suffered two heart attacks, underwent several angioplasties,
7 It appears, however, that the other secured debt
represented petitioners’ monthly payment on their home equity
line of credit, and the other expenses represented attorney’s
fees petitioner paid to Ms. Merriam’s law firm in connection with
the present litigation.
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Last modified: May 25, 2011