Mary Cummins Investigative Reporter Los Angeles, California: probate

Showing posts with label probate. Show all posts

Monday, April 25, 2016

Prince Rogers Nelson estate may be left to his siblings - List of brothers, sisters - Death, Obituary, Estate

Prince Rogers Nelson, cause of death, medical examiner report, autopsy, toxicology report, lab results, fentanyl overdose, opiod, obituary, estate, probate, siblings, brothers, sisters, death, died

Prince Rogers Nelson, obituary, estate, probate, siblings, brothers, sisters, death, died

UPDATE: 06/02/2016 The medical examiner stated the cause of death of Prince Rogers Nelson is accidentally self-administered fentanyl overdose. He was 5'3" 112 lbs. Sad.

"Fentanyl, prescribed by doctors for cancer treatment, can be made illicitly and is blamed for a spike in overdose deaths in the United States. It's 25 to 50 times more potent than heroin and 50 to 100 times more potent than morphine, according to the U.S. Drug Enforcement Administration."

UPDATE: 04/26/2016 Prince's sister Tyka just filed docs stating Prince had no will. Tyka lists his living siblings. "Tyka lists the people who are potential beneficiaries ... all of whom are half brothers and sisters. They are John, Norrine, Sharon, Alfred and Omarr. They are all living siblings of Prince. She also says she's an heir entitled to her cut."

http://www.tmz.com/2016/04/26/prince-no-will-probate-sister-tyka/

The list of living siblings I posted below yesterday is correct.

Prince Rogers Nelson born June 7, 1958, died April 21, 2016 in Minneapolis, Minnesota. Prince may have died without a will also called intestate. Based on the laws of Minnesota his estate would go to his current wife, parents and siblings. As he was currently married, his parents are dead that leaves his estate to his brothers and sisters. If a sibling is dead, that portion would be divided upon that person's children if any. Here are a list of all of Princes full and half siblings.

He has one full sister Tyka Evene Nelson May 18, 1960. He has seven other half siblings. Two of them are dead Lorna Lee Nelson and Duane Joseph Nelson. This leaves six living siblings, half siblings to share the estate along with any children of the deceased siblings.

Prince Rogers Nelson, obituary, estate, probate, siblings, brothers, sisters, death, died

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary Cummins-Cobb, Mary, Cummins, Cobb, real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, single family, condo, pud, hud, fannie mae, freddie mac, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls,

Monday, January 18, 2016

Mike Gatto's AB 139 passes, real estate may be transferred w/o trust or probate with a one page form - Mary Cummins real estate appraiser

Revocable transfer on death deed, pdf, doc, form, probate 5642, trust, deed, transfer, real estate, form ab 139, mike gatto, california, los angeles,

California Assemblyman Mike Gatto is behind the bill AB 139. The bill makes it possible to transfer real estate w/o expensive trust or probably. This one page form can be filled out and filed easily with the county recorder's office.

"The new form, which already is popping up on county websites, is one page. You write down the parcel number and the name of the owner (grantor) and the people who inherit the property and their relationship to the owner. It must be signed by a notary. The law includes provisions to deal with the potential for coercion. For instance, it provides a means to challenge a questionable transfer. The deed can be revoked at any time. Twenty-five other states have similar laws, with few obvious problems arising from them.

The new law “will be of particular benefit to senior citizens whose estate consists primarily – or even exclusively – of the family home,” wrote the Conference of California Bar Associations, in a letter of support last year. “There are thousands of elderly people throughout the state who are barely getting by, but whose home, purchased long ago and paid off, may be worth several hundreds of thousands of dollars. … Existing law offers these individuals no good options.”

Now, they can save thousands of dollars and make it easy on their loved ones. The Howard Jarvis Taxpayers Association, the defenders of Proposition 13, championed this as one of the most important bills for property owners after that 1978 tax limitation measure.

“I think, rightfully so, most members of the public view Sacramento as a place that just passes into law new restrictions, new bureaucracy, new red tape,” Gatto said, in an interview. “We rarely take steps to make people’s lives easier. So I made it my mission, when I got elected, that I was going to focus on the opposite, which is helping make people’s lives easier.”

http://www.sandiegouniontribune.com/news/2016/jan/18/estate-planning-modest-approach-governing-helpful/

Fillable Revocable Transfer on Death Deed
http://www.lavote.net/documents/Revocable_Transfer_on_Death_Deed.pdf

Common questions
http://www.lavote.net/documents/Revocable_Transfer_on_Death_Deed_FAQ.pdf

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary Cummins-Cobb, Mary, Cummins, Cobb, real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, single family, condo, pud, hud, fannie mae, freddie mac, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls,

Tuesday, December 2, 2014

Date of death, historical appraisal of real property for estate and tax purposes - Mary Cummins real estate appraiser, appraisal in Los Angeles, California

Mary Cummins, date of death, historical, appraisal, appraiser, Los Angeles, California

When some passes away and owns real estate a date of death, historical appraisal may be needed for tax or estate purposes. The appraiser's job is to ascertain the value of the property at the day of death. Cummins has been doing date of death, historical appraisals of real estate in Los Angeles, California for banks, lawyers and private individuals for over thirty years.

With an average residential property the appraiser gathers sales of similar homes without a certain distance within six months or so before the day of death. For example if the home was built in 1950, is 2,000 sf, 3 bed, 2 ba, on a 6,500 sf lot the appraiser would initially search for sold homes +/- 15% difference in square footage (1,700-2,300 sf), sold six months before date of death, within 1/2 mile radius of subject, in the same city and development. Ideally we should find at least six sold homes very similar to the subject property. We would then choose the most similar comparables based on condition, location, amenities, improvements...

Unfortunately this rarely happens except in newer tract homes so the appraiser must widen the search to find the most comparable sold properties. Location, size of improvement, bed/bath count are generally the most important factors. If the home has a view or is located on the beach, all comparables must have similar views, locations. The difference between view, no view can be up to 50% in some nicer areas near the ocean.

After we have chosen our six most similar sold comparables, we input them into our real estate appraisal form. We use ala mode software. We input the most similar of the six comparables into the number one column then add the rest in descending order based on degree of similarity. After this we adjust for each of the line item differences if necessary such as the differences in square footage, bed/bath count, lot size, condition, age.... Ideally we should have chosen the most similar comparables so we should have few adjustments.

Besides the sales approach we often include the cost approach. This generally sets the upper limit of value. This is not the best indication of value as there are generally few vacant land sales available in the immediate area. The appraiser generally has to obtain a land value by abstraction or allocation. Sometimes an income approach is added if perhaps the property is a vacation rental.

After we have done all of our research and have our sales, cost and income approach valuations we reconcile the three values to come up with the appraised value. With a single family home or two to four plex in most areas the sales market approach carries the most weight with the cost approach setting the upper level of value.

The final part of a date of death, historical appraisal is to add the limiting conditions. With this type of report the appraiser states that the property was inspected as of a certain date. The report was signed as of a certain date. But, the date of the "value" of the property is the date of death. The appraiser assumes the property was in the same condition on the date of death as inspected. If not, the appraiser makes note of the condition at date of death and includes this in the valuation.

Contact Mary Cummins of Cummins Real Estate Appraisals if you have a question or need a date of death, historical appraisal (310) 877-4770 or Mary@MaryCummins.com Average single family residential appraisal is $300.

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary Cummins-Cobb, Mary, Cummins, Cobb, real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, single family, condo, pud, hud, fannie mae, freddie mac, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls,