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Expense item Monthly expense
Food, clothing, misc. $904
Housing and utilities 1,254
Transportation 375
Health care 322
Taxes (income and FICA) 408
Life insurance 14
Attorney’s fees 414
Total 3,691
In the letter explaining the offer amount, petitioner stated
that he was offering $120,500:
to be paid by withdrawing the funds from the retirement
account and from other cash assets. This offer is for
all Hoyt related years to be paid in one lump sum
payment. The remainder of the retirement funds and the
equity in the home is needed for necessary living
expenses. * * * This offer amount fully pays the
majority of estimated tax liability, but does not
include interest.
The letter also included “medical and retirement considerations”
and a “retirement analysis”. Petitioner’s medical and retirement
considerations included: (1) Petitioner and Mrs. Johnson are
retired; (2) petitioner suffers from arthritis and must take
medications and undergo therapy for his condition; (3) Mrs.
Johnson suffers from high blood pressure and must take
medications for her condition; and (4) due to their age and
health, “it is certain that they will have continuing and
substantial medical expenses.” The retirement analysis outlined
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Last modified: May 25, 2011