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Fact Pattern #1: Gwen Stefani has three sons, Kingston, Apollo, and Zuma. Kingston has one son, Ace; Apollo has three children, Buck, Chase, and Dylan; and Zuma has twin girls named Elsa and Freya.

Question 1: Gwens will leaves all of her property to her grandchildren per stirpes. What fractional share does each child receive upon Gwens death assuming all children survive Gwen?

Question 2: Gwens will leaves all of her property to her descendants per capita. What fractional share does each child and grandchild receive upon Gwens death assuming all children and grandchildren survive Gwen?

Question 3: Gwens will leaves all of her property to her sons, per stirpes. Assuming that Apollo predeceases Gwen, what fractional share does each son and grandchild receive upon Gwens death?

Question 4: Assume Gwen dies without a will in a state that employs a per capita at each generation dispositive scheme, Apollo predeceases Gwen, and all of Gwens grandchildren are born prior to Gwens death. What fractional share does each son and grandchild receive upon Gwens death?

Question 5: Assume Gwen dies without a will in a state that employs a per stirpes dispositive scheme, Apollo predeceases Gwen, and all of Gwens grandchildren are born prior to Gwens death. What fractional share does each son and grandchild receive upon Gwens death?

Question 6: Assume Gwen dies without a will in a state that employs a per capita dispositive scheme, Apollo predeceases Gwen, and all of Gwens grandchildren are born prior to Gwens death. What fractional share does each son and grandchild receive upon Gwens death? Chapter 3 (75 POINTS)

Fact Pattern #2: Adley and her brother Tate decided recently to purchase a vacation home together. They both want to use the vacation home to take their families for an annual vacation and then rent the vacation home using VRBO or Airbnb. The price for the vacation home was $750,000. Since Tate expects to use the vacation home 80% of the time and Adley 20% of the time, Tate contributed $600,000 and Adley contributed $150,000. Their ownership percentage equals their contribution percentage.

Question 7: How do Adley and Tate own the vacation home?

Question 8: Assuming that Tate dies unexpectedly, will the vacation home be included in his probate estate? Why?

Question 9: If so, what is the vacation homes value in Tate probate estate?

Question 10: Will the vacation home be included in Tates gross estate? Why?

Question 11: If so, what is the vacation homes value in Tate gross estate? Fact Pattern #3: Isaac and his younger brother Taylor purchased a commercial building together 15 years ago. They own the property as a joint tenancy with rights of survivorship. At the time of the purchase, Isaac, being the older brother, was in a better financial position. Therefore, Isaac contributed $300,000 and Taylor contributed $100,000 to the purchase price. The property is now worth $800,000.

Question 12: What are Isaac and Taylors ownership shares?

Question 13: What is Isaacs basis in the commercial building?

Question 14: What is Taylors basis in the commercial building?

Question 15: Taylor needs cash to start to buy a home. Can he sell his interest in the commercial building? Why or why not?

Question 16: If Isaac were to die today, would the commercial building be included in Isaacs gross estate?

Question 17: If so, what is the commercial buildings value in Isaacs gross estate?

Question 18: If Isaac were to die today, would Isaacs will direct who received the commercial building?

Question 19: If Isaac were to die today, who would own the commercial building?

Question 20: If Isaac were to die today, what would Taylors new basis in the commercial building be? Fact Pattern #4: Siblings Cole and Dylan own an orchard as Joint Tenants with Rights of Survivorship. Cole contributed $300,000 and Dylan contributed $50,000 many years ago to purchase the orchard. The orchard is currently valued at $1,000,000.

Question 21: What are Cole and Dylans ownership interests in the orchard land?

Question 22: If Dylan died today, what amount of the value of the orchard would be included in his gross estate? Fact Pattern #5: Joel and Anne, who are married, own their home together as community property in Texas. They purchased the home 10 years ago for $225,000. After many improvements and a surge in the market, the home is now worth $750,000.

Question 23: If Joel died today, can he give his share of the house to his daughter Charlotte? Why?

Question 24: If Joel died today and left his share of the home to his daughter Charlotte, what is Charlottes basis in the home? Why?

Question 25: If Joel died today and left his share of the home to his daughter Charlotte, what is Annes basis in the home? Why?

Fact Pattern #6: Simone purchased a home eight years ago for $200,000. She married Jonathan two years ago when the house was worth $750,000. Simone and Jonathan live in a community property state. Assume Simone died today and gave her interest in the property to her children Luke and Leia. The property is currently valued at $900,000.

Question 26: What is Luke and Leias basis in the home after Simones death?

Question 27: What is Jonathans basis in the home after Simones death?

Question 28: Is the house included in Simones probate estate? Why?

Question 29: If so, what is the houses value in Simones probate estate?

Question 30: Is the house included in Simones gross estate? Why?

Question 31: If so, what is the houses value in Simones gross estate?

Chapter 4 (39 POINTS) Probate Fact Pattern #1 Tom and Rita have been married for 19 years. Tom has recently been diagnosed with a malignant brain tumor. His prognosis is extremely poor - survival beyond 18 months is unlikely. Rita is in good health. They have the following children: CHILDREN AGES Colin 14 Elizabeth 9 Chet 6 Their children are healthy and attend school. Tom and Rita own a film production company called Playtone. Tom and Rita want to leave Playtone to their children. The following represents table Tom and Ritas current financial position. ASSETS LIABILITIES AND NET WORTH Cash/Cash Equivalents Liabilities JTROS Cash $ 1,650,000 Current Liabilies Total Cash/Cash Equivalents $ 1,650,000 W Credit Card 1 $ 108,000 W Credit Card 2 $ 25,000 Invested Assets H Credit Card 3 $ 195,000 CP Playtone $ 72,325,000 CP Credit Card 4 $ 56,000 H Inherited Stock Portfolio $ 2,150,000 Total Current Liabilities $ 384,000 TC Quarterhorses $ 700,000 W Inherited Stock Portfolio $ 4,250,000 Long-Term Liabilities Total Investments $ 79,425,000 CP Mortgage - Primary $ 1,250,000 H Mortgage - Lake House $ 1,150,000 Personal Use Assets CP Loan - Boat $ 160,000 CP Primary Residence $ 14,250,000 H Loan - Auto 3 $ 65,000 H Lake House $ 10,080,000 Total Long-Term Liabilities $ 2,625,000 CP Boat $ 485,000 CP Auto 1 $ 185,000 Total Liabilities $ 3,009,000 W Auto 2 $ 125,000 H Auto 3 $ 115,000 Total Personal Use $ 25,240,000 Net Worth $ 103,306,000 Total Assets $ 106,315,000 Total Liabilities and Net Worth $ 106,315,000 Notes to Financial Statements: 1. Assets are stated at fair market value (rounded to even dollars). 2. Liabilities are stated at principal only (rounded to even dollars). 3. The adjusted basis of Playtone is $3,000,000. 4. Inherited Stock Portfolios have children designated as beneficiaries. 5. Property Ownership: a. JTROS Joint tenancy with right of survivorship (Tom and Rita are joint tenants of all property JTROS). b. TC tenants in common (assume Tom and Rita are 50/50 tenants in common unless question says otherwise. c. CP community property of Tom and Rita d. H Toms separate property. e. W Ritas separate property.

Question 32: Assume that Tom dies December 31, 2022. Calculate the total value of the Toms assets.

Question 33: Assume that Tom dies on December 31, 2022. Calculate the value of assets that will pass through Toms probate estate.

Question 34: Why are the answers to questions 32 and 33 different? Explain. Probate Fact Pattern #2 Katniss executor has located all her property as represented by the following list: Life Insurance Face Value $5,000,000 Beneficiary = Estate 401(k) Balance $1,500,000 Beneficiary = Prim, her sister Checking Acct Balance $150,000 Owned by Katniss Automobile Value $75,000 Owned by Katniss Personal home Value $625,000 Owned by Katniss Vacation Home Value $350,000 Titled JTROS with Prim Investment Acct Balance $850,000 Beneficiary = Prim

Question 35: What is the total value of Katniss probate estate? Probate Fact Pattern #3 Archie lives in Texas, which is a community property state. He dies at age 92 with the following assets: Assets Titling Total Value Home Community Property with his wife Olivia $2,500,000 Furnishings Community Property with his wife Olivia $600,000 ManningCast Ranch Community Property with his wife Olivia $13,000,000 Roth IRA Children as Beneficiaries $5,000,000 Checking Account (POD to son) Community Property with his wife Olivia $800,000 Investment Account (POD to daughters) Separate Property $4,000,000 Vacation Home JTROS with daughters $1,500,000

Question 36: Which of Archies assets will pass through probate? What is the value of Archies probate estate?