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1 . A client wants to avoid probate and executed a revocable trust with a pour over will. The client transferred her home and brokerage
A client wants to avoid probate and executed a revocable trust with a pourover will. The client transferred her home and brokerage account to the trust but not her savings account. The client's bank certificate of deposit is titled POD with her niece, the client owns a life insurance policy on her mothers life, and the client inherited a life estate in her uncles summer home. If the client were to die today, which statement is correct?
Group of answer choices
All of the clients assets will not be included in the client's gross estate and will avoid probate at the client's death.
The life estate in the summer home is not included in the clients gross estate or the client's probate estate.
The clients bank certificate of deposit will be included in the client's estate and transferred to the trust by the client's pourover will.
The savings account will avoid probate and intestacy because it will pour from the will to the revocable trust.
Paula and her sister Aida want to purchase a condo together. They are unsure whether to title the property as JTWROS or as tenants in common. Which statement concerning these property titles is NOT correct?
Group of answer choices
If the sisters contribute unequal amounts to purchase the condo they will hold disproportionate interests if the condo is titled as JTWROS.
Assume the sisters titled the condo as a tenancy in common and each owns a interest. If Paula gifts half of her interest to her son Justin, then Aida will own and Paula and her son will each own of the condo.
If the sisters title the property as JTWROS they cannot pass the property to their children through their will.
If the sisters paid unequal amounts to purchase the condo and titled it JTWROS, then the surviving sister will not receive a stepup in basis at the decedents death.
Willy is married to Judy and he intends to pass all of his solely owned property to Judy and his nephew Branson at his death. Which transfer will qualify for a marital deduction in Willys estate?
Group of answer choices
A testamentary trust that provides Judy with income for life and Branson with the remainder interest. Judy may invade the trust corpus for support in her accustomed manner of living.
A trust established by will that provides Judy with as much income as the trustee decides she needs. Brandon will receive the trust assets at Judys death.
A life estate given to Judy in the family homestead.
Trust property passing to Judy from Willys revocable trust.
Robert, age is in good health and is the sole owner of his home. He wants his daughter Lindsay to own his home at his death and he wants to avoid having the home go through probate when he dies. Robert also wants to keep the value of the home out of his gross estate. What form of property ownership or planning technique would most likely meet Robert's planning objectives?
Group of answer choices
A tenancy in common
A life estate
A year QPRT
A joint tenancy with right of survivorship
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