Question
Differentiate between the various estates in property. Scenario:Bethany Johnson, a widow, died 5 years agowithoutleaving a will. 1. Which of the following items are included
Differentiate between the various estates in property.
Scenario:Bethany Johnson, a widow, died 5 years agowithoutleaving a will.
1. Which of the following items are included in Bethany's gross estate?
a. A life estate in a trust that pays Bethany $25,000 per year until she dies.
b. A remainder interest in a trust worth $60,000 owned by Bethany.
c. A one-half interest in investment land valued at $100,000 owned as joint tenants (Bethany and her brother) with right of survivorship.
2. In a 3-4 paragraphs (less than 500 words), prepare a sample will for Bethany to show the transfer of theassets above to Bethany's son, Mike Johnson.
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