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How to settle a confusing estate?
I need some help determining a perplexing problem. It involves an estate that is not just cash, and the assets do not divide into neat little equal packages. No-one wants to sell the house, so adjustments need to be made...
Total estate to be divided into 3 equal shares. Includes a house $200k, an Annuity $231,432, other assets $94051, Total expenses $-18,834. Makes each share approx $156,327. No prob yet-easy stuff. Now it gets confusing (for me). Party A wants the house as her share, which is valued at $200,000, (in excess of 1 share), but parties B and C are OK with that, no prob as long as the shares equal out. Parties A, B, and C were all named beneficiaries on the annuity, which is already disbursed, but party A renounced her share and split it equally between B and C. Here is my question-how much money will party A have to provide to B and C to make everything fair? I am having trouble understanding how to credit the annuity money correctly. Annuity breakdown : each party got $77,144, but A never really saw her share, but had the benefit of it and used the funds to partially prepay her total to-be-determined debt to B and C. Total value of annuity was disbursed to B and C in amounts of $115,716 each. Again, the question is, how much additional funds will need to be provided by A to B and C to make the shares equal to $156,327? AAARRRGGGHHH! I am losing sleep over this and I really need some help!! Thanks a lot. |
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200,000 + 231,432 + 94,051 - 18,834 = 506,649 / 3 = 168,883.
Don't know how you got a lower amount. The house is valued at 31,117 more than the 3 way division amount of 168,883. So A owes that, half to each sibling. B & C each got 115,716 annuity (your math there is correct). They each get the other assets, 94,051 - 18,834 = 75,217 / 2 = 37,608.50. So far they each have 153,324.50. They each need 168,883 - 153,324.50 = 15,558.50 from A. 15,558.50 x 2 is the difference I show as the house difference, 31,117. Each sibling will now have their correct share. Hope this helps. (I didn't need to do any calculation past the first two, but did as a double check.) |
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