- 21 - indicates that it was for the reimbursement of lost furnishings (personal property).8 The estate argues that inclusion of $88,506 in the gross estate would, in effect, result in double counting. That is so because decedent was paid the policy limits prior to her death, which included $142,915 for household contents. At the time of death, decedent had received reimbursement from the insurance company in an amount that exceeded the insurance company’s maximum liability to pay for the loss of “contents”. To the extent that predeath reimbursement was used to pay for restoration, it would have been reflected in the value of the partially completed residence. To the extent that predeath reimbursement was used to pay for furnishings, they would have been scheduled as assets on the estate tax return. To the extent that any reimbursement or payment received in connection with the insurance policy had not been used, it would be reflected as part of decedent’s liquid assets (cash) that was included in the gross estate. Respondent’s approach of anticipating the possible existence of household furnishings based on events occurring subsequent to decedent’s death and that were not known at the time of 8 Based on the record and in the context of this case, there is no way to know with certainty the meaning of the term “contents” or whether decedent was owed $88,506 at the time of her death for the loss of personal property.Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
Last modified: May 25, 2011