Tuesday, September 6, 2011

Estate appraisal - very fast

On the evening of Tuesday, June 7, 2011, John and Audrey Feldkamp were stabbed in their Marengo-area home. Doran Bloom died there, after being shot by Scott Feldkamp.

A news article placed Scott Feldkamp still in Sherman Hospital, Elgin, on Friday, June 10.

Only five days later, on June 15, the probate was opened on Mrs. Feldkamp's estate. By that time Scott had apparently dealt with Schmitt & Filler and arranged for them to represent him as the Executor of his mother's estate. The value of her estate was estimated at personal property of $100,000 and real property of $400,000.

The very next day, June 16, an estate appraisal firm, Transitions of Illinois, was hard at work at 7:30AM to inventory the personal property. They spent 4 1/2 hours at it and then researched the values of items and wrote their report. Transitions was asked to expedite the appraisal, for which they would charge a 25% premium. Its bill was $1,031.25 for the appraisal, plus the Expedite Fee of $257.81, bringing its total bill to $1,289.06.

Some would probably ask, "What was the hurry?"

Was personal property to be immediately liquidated? And was it, in fact, liquidated? And, if so, what happened to the money? Was 100% of it deposited into a banking account of the Estate?

Transition of Illinois hasn't been paid yet. You'd sort of think, if they were asked to expedite an appraisal and conduct it on the 9th day after the deaths, then they might reasonably expect to get paid promptly. They haven't been paid, and they have filed as a Claimant against the Estate.

Did Mr. and Mrs. Feldkamp have cash accounts anywhere? Most likely they did. They probably had checking and savings accounts, maybe CDs, and perhaps at more than one bank. What happened to those accounts? Was the titling of the accounts merely changed to Estate of the (accountholder), or were the accounts closed? If they were closed, was the money transferred only to accounts in the names of the Estates? Or was some, most or all of it "distributed"?

Were there investments? Stocks? Bonds? Were they liquidated? What happened to the money? Did it go into bank accounts of the Estates?

On July 13th the probate for Mr. Feldkamp's estate was opened. His estate was estimated at personal property of $150,000 and real property of $250,000.

These would be the types of things that a lawyer for the Executor would advise him on. If an Executor doesn't take his lawyer's advice, what does the lawyer do?

Schmitt & Filler withdrew from representing the Executor of both estates. The only reason given was "lack of communication and cooperation on the part of Scott A. Feldkamp making it impossible for the Law Office of Thomas W. Schmitt and Jay K. Filler, Jr. to properly represent him."

So far as court records indicate, the Executor does not have an attorney. Will he try to fly without one?

1 comment:

Whitmore2 said...

I thought Gummerson signed on as the attorney. Not that he can't, but why would a criminal lawyer dabble in a probate case?...

The titling of the counts does not "merely change". The Executor applies for an (F)EIN which acts as a SSN but for the estate. Then new accounts are set up in the name of the estate.