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Jack had been married to Lisa for approximately 10 years before their divorce. Jack then married Samantha 5 years ago in Frisco, Texas (a community
Jack had been married to Lisa for approximately 10 years before their divorce. Jack then married Samantha 5 years ago in Frisco, Texas (a community property state). They were happily married with one minor child; however, Jack died this year from complications from a heart bypass surgery. He owned his own medical practice. Samantha is a pilot for a major airliner. Please fill in the table below the data
Asset | Information Regarding Asset |
Jack's 401(k) | Jack enrolled in his 401(k) 2 years ago. He had a previous 401(k) but it went to Lisa in the divorce. The value of the 401(k) at Steve's death was $110,000. The original contributions were $55,000. The beneficiary is Samantha. The account was opened 8 years ago. |
Jack's Airplane | Jack own a Cesnya airplane with his brother Todd. They bought they plane together 5 years ago. Jack used his separate funds. Todd also contributed to the purchase. The asset is titled in JTWROS with Todd. The value of the plane at death was $150,000. Todd invested 10% towards the plane at the time of purchase. |
Jack's Savings Account | Jack opened the savings account prior to his marriage to Samantha. There was no beneficiary on the account. The value of the account on the day Jack died was $50,000. |
Joint Checking Account | Jack and Samantha have a joint account that was established 2 years ago. They both contributed $5,000 from their separate funds account. The value of the account on the date of death was $20,000. |
Samantha's Roth IRA | Samantha opened the Roth IRA 4 years ago. Jack is the beneficiary and she has contributed $15,000. The value at the time of Jack's death was $40,000. |
Life Insurance | Jack owned a life insurance on himself. The 20 year term policy had a death benefits of $500,000. It was purchased 10 years ago. His father was listed as the beneficiary. There was no contingent beneficiary. Jack's father died 3 years ago. |
* Jack has a will that gives all property to his wife, Samantha. She also serves as the executor.
ASSET | Ownership Type | Amount Included in Jacks Probate Estate | Amount Included in Gross Estate | Owner upon Jack's death |
Jack's 401(k) | ||||
Airplane | ||||
Jack's Savings Account | ||||
Joint Checking Account | ||||
Samantha's Roth IRA | ||||
Life Insurance |
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