$1.$Colleen and Ryan are married and have executed wills that transfer all of their property interests to one another at death. The couple owns the following assets:

A primary residence worth $$1\mathrm{.}4$ million titled as tenants by the entirety

Colleen's $401($k$)$ worth $$440,000,$ which names Ryan as beneficiary

Ryan's brokerage account worth $$1\mathrm{.}6$ million that is titled TOD with Colleen

Ryan is the owner and beneficiary of a $$200,000$ life insurance policy on his brother Todd's life, which is valued at $$60,000$

A $$120,000$ index mutual fund account owned by Ryan's revocable trust which will transfer to his son from a previous marriage at Ryan's death

A condo and fishing boat that Ryan owns with Todd as JTWROS worth $$300,000$

If Ryan were to die today, what is the value of his probate estate?

Group of answer choices

$0$

$$60,000$

$$120,000$

$$200,000$

$2.$A widower wants to buy a summer camp with four cabins on a lake to supplement his retirement income. He wants to leave the camp to his daughter at his death and avoid probate. His daughter does not want to manage the camp and intends to sell it when the widower dies. How should the widower title the property?

Group of answer choices

Sole ownership

Transfer ownership to a $10$year QPRT

Tenancy in common

Joint tenancy with right of survivorship

$3.$Omar recently sold his business for a significant amount of money and now he plans to retire. His financial goals for the money include: $(1)$ providing enough income for his personal needs, $(2)$ controlling use of the assets throughout his lifetime, $(3)$ reducing probate costs, and $(4)$ passing his wealth to his family after his death. What trust arrangement is most appropriate to meet Omar's goals?

Group of answer choices

Inter vivos revocable trust

Inter vivos testamentary trust

Irrevocable trust

charitable remainder trust

$4.$Troy and Abbie are not married but have lived together for $8$ years with Abbie$$s son Liam from a previous marriage. They want to obtain proper legal documents to manage their financial, business, legal, aand medical affairs if either partner becomes incapacitated. Which statement regarding estate$$planning documents for unmarried couples is NOT correct?

Group of answer choices

A partner can be selected as agent for the other partner$$s durable power of attorney and health care proxy.

In the absence of proper estate$$planning documents, the law presumes that biological family members should be given the right to make business and medical decisions for an incompetent partner.

The couple could draw up a domestic partnership agreement but it is not considered a binding legal contract.

Troy would have no custody rights to Liam unless he goes through formal adoption procedures.