Assume that Lisa dies with the assets reflected on the Statement of Financial Position. Determine whether Lisa's estate is overqualified or underqualified and suggest any estate tax elections Lisa's personal representative might make to help alleviate the effects of the overqualification or under qualification. CHOOSE ALL that are correct.

Assume that Lisa dies with the assets reflected on the Statement of Financial Position. Determine whether Lisa's estate is overqualified or underqualified and suggest any estate tax elections Lisa's personal representative might make to help alleviate the effects of the overqualification or under qualification. CHOOSE ALL that are correct. Lisa's estate is underqualified because her entire estate passes to Robert in a way that qualifies for the marital deduction. Lisa's executor should file a timely estate tax return and make the portability election to ensure that Lisa's deceased spouse unused applicable exclusion amount is available to Robert under the portability provision. Lisa's estate is overqualified because her entire estate passes to Robert in a way that qualifies for the marital deduction. Lisa does not need to elect portability because her will is using her lifetime exemption amount. STATEMENT OF FINANCIAL POSITION Robert and Lisa Franklin As of Ianuan 1 Jn? Notes to financial statements 'Psets are stated at fair market value (rounded to whole dollars). fuabitites are stated at principal only (rounded to whole dollars). Tite designations II - Jont terancy with right of survivorship \$1-Robert's separate $2 - Lu's separate