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all timing; nevermind

July 23rd, 2007 at 02:32 am

I took another look at the inheritance correspondence. When I send the little form to sign-off on the last check, it is the final distribution. It's really a timing issue. Since neither sister nor I are battling and have no particular issue, the estate has to be resolved within 18 months. Because the assets are real estate, things slow down a bit, the executor filed and got a 6 month extension, which ended a couple of weeks ago.

The first piece of property was sold and the money has paid us, the debts, the lawyer, and the executors. The second piece of property has been sold, but sister and I are to be deeded the whole thing (farmette + 73 acres bought by the state of Wisconsin) at the cost basis of 150K each to sister and I.

I originally thought that the 2nd property was going to come to us in the form of money, rather, its coming to us in the form of the deed.

The executors took out, as promised, a flat 4%, and best of all, it was inclusive of the lawyer's fee. I was expecting the lawyer to take out a separate, equal chunk. Sister apparently had a betting pool with neighbors and friends. I don't know who won.

So the executors step out. Sister and I work with the lawyer on the second property sale.

The 40K CD I started last month has started to earn interest - 174$.

Posted in Inheritance, Fixed Income | 2 Comments »

2 Responses to “all timing; nevermind”

  1. fern Says:
    July 23rd, 2007 at 09:02 pm 1185220963
    1185220963

    I'm not sure i really understand what happened with the 2nd property, but i was interested about why the state of Wisconsin bought it? Was it to protect it as farmland or something like that?

  2. baselle Says:
    July 23rd, 2007 at 09:28 pm 1185222513
    1185222513

    The Wisconsin Dept of Natl Resources was interested in it for two reasons - 1. to protect it as a wetland, because about 1/3 of the acreage was too wet to farm, 2. an adjacent neighbor with their wetland in the back also sold to them about ten years ago, so our piece would extend what they already have. Turns out that they were looking past the neighbor's fence and thinking, "if only...."

    I didn't explain what happened all that well. What happened is that we were deeded the whole piece, and sale will go through, rather than the sale going through the estate.

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