1.

Assuming Pamela is the first to die, would anything change if she owned the personal residence Tenancy by Entirety (TIE) instead of JTWROS?

Group of answer choices

Yes. 100% of the home would now be included in Pamela's estate

Yes. 25% of the home would now be included in Pamela's estate

Yes. The home would now not be included in Pamela's estate

No.

2.

Assuming that Pamela bought the personal residence with her wages that she earned while being married to John, could she leave the entire personal residence to her best friend in the Will?

Group of answer choices

Yes. Pamela purchased the property, titled it as JTWORS, and now can give it to whoever she wants to

No. The property would go through probate and the courts would block the transfer.

Yes. It is community property so whoever contributed gets to decide where upon their death the home goes

No. It is JTWORS with a spouse, and therefore, the property would automatically pass to John

3.

Assuming Pamela asks you to set up a life estate for her. Assuming Pamela is first to die, what could be a possible objection to this.

Group of answer choices

John would be kicked out of his personal residence

John would not be able to sell the home without permission from their kids

Estate taxes would likely be triggered

Higher court costs

Dr. Pamela Swift (age 50) and married for the past 20 years lives in California (a community property state). She works, and her husband takes care of their four children. Pamela feels the children and her husband are spoiled rotten. She does not trust any of them with her money now or at death. Her will dated January 31, 2010, leaves all assets to her husband (John). Pamela has the following estate: Asset Fair Market Value (FMV) at death Inheritance (10 years ago) at mother's death ($200,000) now worth $500,000 Owner of Swift Medicine (sole proprietorship) $250,000 Individual Retirement Account (IRA; husband beneficiary) $500,000 Stock and bond account with brokerage firm using earnings as a doctor, original cost, or basis, $500,000 of account is $125,000 Term Life policy on Pamela's life (death benefit of $0 $1,000,000; husband as beneficiary) Personal Residence (JTWROS), bought house for $500,000 $300,000 Toyota Prius (Tenancy-in-Common) with $50,000 daughter, 100% paid for by Pamela