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As a result of the transfer, decedent and Mr. Stewart owned the
property as tenants in common. On May 10, 2000, Robert Goldie,
Mr. Stewart’s attorney, delivered the deed to Choice Abstract
Corp. (Choice Abstract) for the purpose of recording the deed.
The deed, however, was misplaced by Choice Abstract and was not
recorded until April 4, 2001.
Decedent, who was a resident of New York, died on November
27, 2000. After the May 9, 2000, transfer and until the time of
her death, decedent continued to receive all of the rental
payments from Financial Solutions, Ltd. Prior to her death,
decedent also paid most of the expenses relating to the 61st
Street property (i.e., decedent paid expenses of $21,790.85 while
Mr. Stewart paid $1,963).
Mr. Stewart and Barbara Weisl were appointed executors of
decedent’s estate. On August 19, 2001, decedent’s executors
filed a Form 709, United States Gift (and Generation-Skipping
Transfer) Tax Return, relating to the transfer of the 61st Street
property. On August 27, 2001, Mr. Stewart obtained a mortgage on
the 61st Street property. On February 23, 2002, decedent’s
executors filed a Form 706, United States Estate (and Generation-
Skipping Transfer) Tax Return, relating to decedent’s estate.
Ms. Weisl died on November 14, 2004, and the estate did not
appoint another executor.
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Last modified: May 25, 2011