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in connection with the same residence, the gross estate should
include possible future recovery from insurance and/or whether it
should be reduced by possible future costs of reconstruction of a
partially completed residence; and (3) whether the gross estate
should be increased by $88,506 attributable to a postdeath
insurance recovery received by the estate.
FINDINGS OF FACT1
At the time of the filing of the petition, Mary B. Bull’s
estate was being administered in Martinez, California. The
coexecutors, at the time of the filing of the petition, resided
in Garland, Texas. Mary B. Bull (decedent), who died on November
4, 1994, was the sole owner of residential real property located
at 5945 Manchester Drive, Oakland, California. On October 20,
1991, the Manchester Drive residence and its contents were
completely destroyed in a natural disaster commonly known as the
“Oakland Hills fire”.
Decedent maintained insurance on the Manchester Drive
property and its contents with the Chubb Group of Insurance
Companies (Chubb), under a policy effective June 16, 1991. The
policy limits, which were subject to an inflation provision,
provided for coverage of $283,000 on the dwelling and $141,500 on
the contents. Under the terms of the policy, the coverage would
1 The parties’ stipulation of facts is incorporated by this
reference.
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