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homestead and senior citizen deductions available in the District
of Columbia.
In accord with the agreement, decedent resided at Primrose
with the McReadys from February 1987 through the time of her
death, June 1996. During most of that period, decedent continued
to be in good health, and she took care of her own needs.
Decedent was also financially self-sufficient during that period.
During that period, various of the McReady children occupied
Western in accord with the agreement. Also, Mr. McReady managed
the Bradley rental property during the period 1987 through
decedent’s death, placing tenants, negotiating leases, collecting
rents, and seeing to its maintenance.
Mr. McReady lent decedent $95,000 to enable her to pay off
an existing mortgage and refinance the Bradley mortgage to obtain
more favorable interest rates.
At the time of decedent’s death, Western had a fair market
value of $270,000, 50 percent ($135,000) of which was included in
the gross estate. The remainder of the principal assets in the
gross estate consisted of: Bradley ($280,000); securities
($227,913); and cash and bank accounts ($56,983). The deductions
from the gross estate included: Funeral expenses ($11,736);
attorney’s fees ($1,481); other expenses ($1,653); financing and
closing costs incurred to refinance Bradley ($10,070); and debts
of decedent ($109,152, $95,000 of which was due to Mr. McReady).
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Last modified: May 25, 2011