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Al and Joan purchased property in a joint tenancy (with right of survivorship) in 2000 for $500,000, with Al contributing $200,000 of the purchase price
Al and Joan purchased property in a joint tenancy (with right of survivorship) in 2000 for $500,000, with Al contributing $200,000 of the purchase price and Joan contributing $300,000 of the purchase price. Assume that the property is worth $1,000,000 in 2021 and Al dies first. a. If Al and Joan are husband wife, what amount of the property will be included in Als estate? b. If Al and Joan are brother and sister, what amount of the property will be included in Als estate?
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