Instructions Calculating the value of estate tax using the charts William and Kate were married 6 years ago and had three children, George, Charlotte, and Louic. William and his brother, Harry, were recently boating in Harry's new speedboat. For a brief period, Harry was distracted and lost control of the plane. Unfortunately, the plane crashed and Harry died instandly and William died a few days later as a result of the injuries sustained during the crash. When William died, he and Kate owned the following property: Personal residence valued at $750,000 held tenancy by the entirety. The home had an outstanding mortgage of S350,000 Car 1 valued at $18,000 held fee simple by William Car 2 valued at $21,000 held joint tenancy with rights of survivorship by William and the children. Diamond ring valued at $20,000 held fee simple by Kate. Boat valued at $50,000 held tenancy in common by Wilam and the children (equal contribution). Life Insurance Policy 1 on Kate's life owned by William. The fair market value of the policy was $500,000 and the death benefit was $200,000. The beneficiaries are the chikdren. Life Insurance Policy 2 on William's life, owned by Kate. The fair market value of the policy was $75,000 and the death benefit was $500,000. The only beneficiary is Harry IRA account valued at $2,500,000 owned by William with the children as the beneficiaries Irrevocable Trust by Willam for the benefit of the children created five years ago. The trust is valued at $250,000, and the chiklren are the beneficiaries at Wilam's death Note: Unless otherwise stated, assume oqual contributions were made by all parties for jointly owned propernty The accident was found to be the fault of the speedboat manufacturer, therefore William's heirs received $250,000 for wrongful death and $1,500,000 for pain and suffering. William's last medical expenses were $ 30,000, his funenal expenses were $35,000, the administrative fees for the estate were $150,000, and he had debes of $250,000. William's will left $200,000 to a qualifying charity and the remaining probate assets to the children. His will states that debe and expenses will reduce the assets that will transfer to the children. Gross Estate Calculation Full Value DecedentsProbate Estate Gross Estate Asset Total Federal Esnatc Ta Instructions Calculating the value of estate tax using the charts William and Kate were married 6 years ago and had three children, George, Charlotte, and Louic. William and his brother, Harry, were recently boating in Harry's new speedboat. For a brief period, Harry was distracted and lost control of the plane. Unfortunately, the plane crashed and Harry died instandly and William died a few days later as a result of the injuries sustained during the crash. When William died, he and Kate owned the following property: Personal residence valued at $750,000 held tenancy by the entirety. The home had an outstanding mortgage of S350,000 Car 1 valued at $18,000 held fee simple by William Car 2 valued at $21,000 held joint tenancy with rights of survivorship by William and the children. Diamond ring valued at $20,000 held fee simple by Kate. Boat valued at $50,000 held tenancy in common by Wilam and the children (equal contribution). Life Insurance Policy 1 on Kate's life owned by William. The fair market value of the policy was $500,000 and the death benefit was $200,000. The beneficiaries are the chikdren. Life Insurance Policy 2 on William's life, owned by Kate. The fair market value of the policy was $75,000 and the death benefit was $500,000. The only beneficiary is Harry IRA account valued at $2,500,000 owned by William with the children as the beneficiaries Irrevocable Trust by Willam for the benefit of the children created five years ago. The trust is valued at $250,000, and the chiklren are the beneficiaries at Wilam's death Note: Unless otherwise stated, assume oqual contributions were made by all parties for jointly owned propernty The accident was found to be the fault of the speedboat manufacturer, therefore William's heirs received $250,000 for wrongful death and $1,500,000 for pain and suffering. William's last medical expenses were $ 30,000, his funenal expenses were $35,000, the administrative fees for the estate were $150,000, and he had debes of $250,000. William's will left $200,000 to a qualifying charity and the remaining probate assets to the children. His will states that debe and expenses will reduce the assets that will transfer to the children. Gross Estate Calculation Full Value DecedentsProbate Estate Gross Estate Asset Total Federal Esnatc Ta