Question
At the time of her death, Ariana held the following assets. (All are at Fair market Value) Personal residence(Ariana and peter, tenants by the entirety
At the time of her death, Ariana held the following assets. (All are at Fair market Value) Personal residence(Ariana and peter, tenants by the entirety with right of survivor-ship) 900,000, Savings account(ariana and Rex, joint tenants with right of survivorship) with funds provided by Rex 40,000 Certificate of deposit (Ariana, payable on proof of death to Rex) 100,000 Unimproved real estate(Ariana and Rex, equal tenants in common) 500,000 Insurance policy on Ariana's life, issued by lavender Company(Arianas estate is the designated beneficiary) 300,000 Insurance policy on Ariana's life, issued by Crimson Company(Rex is the designated beneficiary, but Ariana can change beneficiaries) 400,000 Assuming that Peter and Rex survive Ariana, how much is included in Ariana's probate estate? Ariana's gross estate?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started