Thomas and Angie have the following data. Thomas died in an accident January 2019. They live in a community property state.

Thomas and Angie both have "I love you wills". They give one another 100% of their assets

Please answer the following questions

1. What is Thomas' probate estate and gross estate?

ASSETS
ASSET	OWNERSHIP	VALUE
PERSONAL RESIDENCE (Angie and Thomas)	Community Property	$4,200,000
BOAT*	JTWROS	$1,250,000
Thomas' 401(k)	Fee Simple	$150,000
Joint Savings (Angie and Thomas)	Community Property	$200,000
Car 1	Community Property	$120,000
Motorcycle	Fee Simple	$75,000
Brokerage Account (Thomas)	Fee Simple	$3,500,000
Brokerage Account	Community Property	$9,500,000
Car 2 (Angie)	Fee Simple	$135,000
Savings Account (Thomas)	Fee Simple	$235,000
Rollover IRA (Thomas)**	Fee Simple	$2,255,000
NOTE: Fee Simple means separate property

Other financial items

Term Life Insurance Policy A (purchased during marriage with Thomas) - Owner is Angie, insured is Thomas, and the beneficiary is her brother - DB = $1,000,000

Term Life Insurance Policy B (purchased during marriage with Angie) - Owner a and insured is Thomas and the beneficiary is Angie. DB is $2,000,000

ILIT that owns a whole life insurance policy (C) that was gifted by Thomas 2 years ago. DB is $2,500,000 - Beneficiary is his Son (Jack) and his brother Mike is trustee. Thomas is insured.

They used $1,000,000 of their estate applicable exclusion. Assume they paid $120,000 in gift taxes - this was in 2015

Thomas has a general power of appointment on his mothers assets of $2,750,000

Assume that debts to be paid off at Thomas death equals $500,000. His estate will incur $75,000 in funeral costs and he will give $250,000 to Texas A&M Commerce (charity)

* Invested $625,000 (50%) with his brother, Mike. The ownership is JTWROS.

** The beneficiary is his ex-wife who died 10 years ago. No contingent beneficiary.

Estate/Gift Limits and Tax Table

Gift Exclusion	$15,000
Estate Exemption	$11,400,000