[WSBAPT] Apparently insolvent estate

Mon Jul 27 15:27:11 PDT 2015

Until you know the stock in the tavern corp plus the other assets are worth
less than the DSHS debt, I  would say your estate is not truly insolvent. If
you sell the car at FMV, then where is the harm to creditors?

Once you know it is insolvent, then my understanding of the statute is that
you must suspend PR activity until you get to hearing on the insolvency.

But I nursed an estate along for two years on the brink of insolvency. , Our
real estate in that estate had a broad range of values, based on various
agents' views of the conditions on site.  We finally received a low offer,
after a long time on market.  The offer was for less than the creditor's
claims. I then went to the creditors and negotiated a settlement, which paid
the creditors a reduced amount, paid the PR for their time, paid
administration expense and resulted in closing without sending out the
notice or terminating the NI powers. 

Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com

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From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Lovie Bernardi
Sent: Monday, July 27, 2015 2:38 PM
To: cole-gilday at stanwoodlaw.net; WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Apparently insolvent estate

Can anyone tell me if the administrator can continue to use her
non-intervention powers at this point? Or is it better to hold off on any
actions until after we petition the court for further direction? 

From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Robert R. Cole
Sent: Monday, July 27, 2015 11:54 AM
To: wsbapt at lists.wsbarppt.com
Subject: Re: [WSBAPT] Apparently insolvent estate

How many other unpaid creditors do you have?  If few, might talk with DSHS
re: keeping the non-intervention powers, by them getting everything after
the others are paid.
Very Truly Yours,
Robert R. Cole
Law Office of Cole & Gilday, P.C. 

10101 - 270th St. NW 
P.O. Box 249 
Stanwood, WA 98292 
(360) 629-2900 (Telephone) 
(360) 629-0220 (Fax) 

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On 7/27/2015 11:44 AM, Lovie Bernardi wrote:
Dear listmates,

I recently opened an intestate probate with limited assets that appeared
solvent at the time of filing. One asset, part ownership in a tavern
(actually shares of stock in the small corporation that owns the tavern),
has yet to be valued (we've just started negotiations for a buyout by the
other owner.) A car is up for sale on Craigslist. When I arrived at the
office this morning there was a large envelope from DSHS, a creditor's claim
for $90,000 for medical bills paid out over several years, and a request for
special notice. The PR was unaware of this possible claim.

I realize I need to file a Notice of Apparent Insolvency and schedule a
hearing, with notice to heirs, unpaid creditors and those requesting special
notice.  What can be done in the meantime, pending the hearing? Can the PR
sell the car if she receives offers? The special notice statute requires
notice of petitions to sell assets of the estate, and under her
nonintervention powers would not have petitioned the court for the sale of
the car. Can we negotiate the sales price of the tavern and complete the
sale?  If anyone has a sample of something they've filed, that would be
appreciated. Thanks in advance for your help.

Lovie Bernardi
Attorney at Law
Seligmann & Flaherty, PLLC
216 First AVE S, #450
Seattle, WA  98104
(206) 682-2616

 <mailto:joni at sbfirm.com> lovie at sbfirm.com
 <http://sbfirm.com/> http://sbfirm.com

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