Feldkamp estate adm'n. now 2 years old

Oftentimes, estates can be cleared pretty quickly, when executors get to work and pay attention to details. The longer they are open, the more expensive administration becomes for the estate(s), and therefore for the heirs.

That's assuming, of course, that there is any money there in the first place.

Jack Feldkamp and Audrey Feldkamp, of Marengo area, both died on June 7, 2011. Audrey's estate was opened on June 15, 2011, and Jack's probate was opened on July 15, 2011.

The fourth executor of these estates is Woodstock Attorney Carl Gilmore, who was appointed 0n September 6, 2012. I suspect he wishes he'd never heard of these estates and had been on vacation when Judge Chmiel wanted to drop these estates in his lap last year.

On May 6 Gilmore filed a Motion, wherein ¶4 read, "Since my appointment, I have performed services including investigating assets and claims. To date, each asset I have identified has been liquidated, including the loss of all personal property with an estimated value of $45,000."

The son of the Feldkamps, Scott Feldkamp, was the original executor. Did the $45,000 vanish when the house was cleared out and a garage sale was held? Some people familiar with the estates believe there was approximately $52,000 is stocks, bonds and cash accounts, but Gilmore doesn't mention those.

The family home on Somerset Drive outside Marengo is in foreclosure, because no executor has made mortgage payments. Gilmore stated that he had not been able to pay the mortgage since "September 6, 2013" [sic], but he meant to write 2012. PNC Bank has apparently agreed to a Summary Judgment, but would that mean they'd keep the excess of the equity above the mortgage amount?

There has been a non-paying tenant in the house for many months. He may have originally been allowed to live there as a caretaker, but the house is probably capable of generating $1,500-2,000/month in rent, but apparently no movement in that direction has been considered or presented to the Court. That would have covered mortgage payments.

It appears that Scott Feldkamp, executor in 2011-12, never filed tax returns for his parents or for the estates or for Harmony Real Estate, a real estate partnership. Hello, IRS? Attorney Gilmore is probably saddled with the responsibility for 2012 tax returns and has filed for extensions. There are no funds in the estates to pay for adequately skilled accountants to prepare and file those returns.

Gilmore told the Court on May 6 that he could pursue collection of assets resulting from breach of fiduciary duty. That would be directed at Scott Feldkamp, who was the first executor and was in the legal position until July 20, 2012.

The first successor executor (Scott's sister, Jackie) was in the position only until August 7. A second successor executor, a Woodstock attorney, was appointed and withdrew on September 6, 2012, when Attorney Gilmore was appointed by Judge Chmiel.

Harmony Real Estate may not be operating any longer.

IDOT was interested in the corner of U.S. 20 and Harmony Road for a round-about. The deal fell through but may have been resurrected.

There is a partnership of Liberty Arbour LLC, in which Jack Feldkamp had a business interest. Has it sold lots? Are assets of Liberty Arbour LLC included in the estate inventory?

A new rumor circulating is that the house on Somerset is being used as the mailing address for a business? Really? I hope the executor knows about this.

Attorney Gilmore also told the Court on May 6 that "The condition of the estate is due to the actions of the heirs, and results from no other reason."

Judge Chmiel set the next court date date for November 18, 2013, at 9:30AM. Gilmore states that his work has been performed for the benefit of the Court. And that heirs are receiving free legal advice. Will the Court be paying Gilmore, if no money can be found in the estates?