Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sam has just completed her estate planning and has a fully executed pour-over will and revocable trust. Her estate is comprised of the following assets:
Sam has just completed her estate planning and has a fully executed pour-over will and revocable trust. Her estate is comprised of the following assets: $500,000 primary residence; $750,000 vacation home; $100,000 cash; $750,000 painting; $200,000 brokerage account. Sam is divorced and owns all the assets in her own name, except the brokerage account which is held as joint tenants with her sister. What value of Sams estate will be subject to probate?
- Zero since she has an executed revocable trust designed to minimize the estates exposure to probate.
- $1,200,000
- $2,100,000
- $2,300,000
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