- 2 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011