Question
Paul and Marie Weir moved from a community property state to a common law property state last year. Shortly before their move, Paul used funds
Paul and Marie Weir moved from a community property state to a common law property state last year. Shortly before their move, Paul used funds from the family bank account to purchase an airplane solely in his name. After they moved, Paul sold the residence that they had acquired during their marriage and used those funds to purchase a new residence of an equivalent value solely in his own name. Paul and Marie entered into a spousal agreement specifying that all household furnishings belong to Marie and the airplane belongs to Paul. Last month, Paul died. What are the estate planning implications of the Weirs' move from the community property state to a common law property state?
A)
The airplane was never considered to be community property.
B)
All of their assets remain community property because spousal agreements are invalid in community property states.
C)
The new residence is still considered to be community property.
D)
The ownership interests in all of the property are determined by the way the property is titled.
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