L.S. Posted October 9, 2008 Report Share Posted October 9, 2008 Working on an estate with 3 beneficiaries. One beneficiary, John, owes the estate a balance due on a contract. There is $44,507.45 in the estate. Figures are below: Proposed Estate Distribution: $48,183.53 -65.00 -2,860.58 -750.50 $44,507.45 ÷ 2 = $22,253.73 to Constance & $22,253.72 to Pat To Pay off Contract: $44,507.45 ÷ 3 = $14,835.81 $61,161.00 – balance due on contract -14,835.81 – John’s share of estate $46,325.19 ÷ 3 = $15,441.73 $15,441.73 to Constance $15,441.73 to Pat $30,883.46 – cash John needs to pay off contract $15,441.73 – credit to John Does this make sense??? Thank you. Quote Link to comment Share on other sites More sharing options...
zeke Posted October 9, 2008 Report Share Posted October 9, 2008 44,507.45 + 61,161.00 ____________ 105,668.45 = net distributable estate ========== 105,668.45/3 = 35,222.82 each. 61,161.00 - 35,222.82 ___________ 25,938.18 John must deposit, then cash can be split 50/50. ========= z Quote Link to comment Share on other sites More sharing options...
L.S. Posted October 9, 2008 Author Report Share Posted October 9, 2008 Thank you, z - Your way is certainly much simpler and cleaner. But, can you please explain to me why we don't come up with the same answer? What did I do wrong? thanks Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted October 10, 2008 Report Share Posted October 10, 2008 LS, what you forgot to do was to give him his share of the value of the contract. Quote Link to comment Share on other sites More sharing options...
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