Question
Bill Green, age 67, and Susan, age 73, have been married for 45 years and have 2 sons, Tom and Jack. Tom, age 43, has
Bill Green, age 67, and Susan, age 73, have been married for 45 years and have 2 sons, Tom and Jack. Tom, age 43, has never been married and has no children. He is gainfully employed as a corporate attorney. Jack, age 40, is a high school English teacher and is married to Dianne, a 39-year old dentist. They have three childrenSuzy, age 15; Jack, Jr., age 13; and William, age 5. Bill and Susan have made sound financial decisions throughout their lives and have no debt. Bill is a retired military officer, and Susan is a retired nurse. After retiring from the military 20 years ago, Bill went to work as a government contractor inspecting nuclear power plants. He is ready to retire and enjoy spending time traveling with Susan rather than traveling for work.
Despite making good financial decisions throughout their lives, their wills have not been updated in quite some time. The current wills are valid but are simple I love you wills. Below is a list of assets and other items owned by Bill and Susan. Unless otherwise stated, assume that all items owned jointly were purchased with equal contributions from the owners.
| Description | Value | Ownership |
| Checking Account | $7,000 | JTWROS |
| Money Market Account | $49,000 | Tenants by the Entirety |
| Bills IRA | $168,000 | Susan named as sole beneficiary |
| Susans IRA | $153,000 | Bill named as beneficiary Tom and Jack named as equal contingent beneficiaries |
| Brokerage Account | $900,000 | JTWROS |
| Timberland Bill inherited from his family | $256,000 | Bill |
| Vacation home on the beach | $1,200,000 | Tenancy in Common; Original purchase price $600,000; Bill contributed $300,000, Jack and Tom each contributed $150,000 |
| Personal Residence | $425,000 | JTWROS |
| Tangible Personal Property | $64,000 | JTWROS |
| Ford Explorer | $43,000 | Bill, transfer on death to Susan |
| Honda Accord | $23,000 | Susan, transfer on death to Suzy |
| Life Insurance provided by the VA on Bills life | $250,000 death benefit $0 cash value | Owned by Bill, Primary beneficiary is Susan, no contingent beneficiary is named |
| Life Insurance on Susans Life | $100,000 death benefit $0 cash value | Owned by Susan, Primary beneficiary is Bill Equal joint contingent beneficiaries are Tom & Jack |
What assets are included in Bill's probate estate? (list the asset names, not the dollar amounts)
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Financial Accounting For Executives And MBAs
Authors: Wallace, Simko, Ferris
4th Edition
9781618531988
