Question

At the time of her death, 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?


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  • CreatedSeptember 09, 2015
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