LO.7 At the time of her death in 2012, Monica held the following assets.

Fair Market Value Personal residence (title listed as “Monica and Peter, tenants by the entirety with right of survivorship”) $900,000 Savings account (listed as “Monica and Rex, joint tenants with right of survivorship”) with funds provided by Rex 40,000 Certificate of deposit (listed as “Monica, payable on proof of death to Rex”) with funds provided by Monica 100,000 Unimproved real estate (title listed as “Monica and Rex, equal tenants in common”) 500,000 Insurance policy on Monica’s life, issued by Lavender Company (Monica’s estate is the designated beneficiary) 300,000 Insurance policy on Monica’s life, issued by Crimson Company (Rex is the designated beneficiary) 400,000 Living trust created by Monica five years ago (life estate to Peter, remainder to Rex) 800,000 Assuming that Peter and Rex survive Monica, how much is included in Monica’s probate estate? Monica’s gross estate? (Refer to Chapter 18 if needed.)