At the time of her death, Ariana held the following assets. Fair Market Value Personal residence (title
Question:
Savings account (listed as "Ariana and Rex, joint tenants with right of survivorship") with funds provided by Rex $40,000
Certificate of deposit (listed as "Ariana, payable on proof of death to Rex") with funds provided by Ariana $100,000
Unimproved real estate (title listed as "Ariana and Rex, equal tenants in common") $ 500,000
Insurance policy on Ariana's life, issued by Lavender Company (Ariana's estate is the designated beneficiary) $ 300,000
Insurance policy on Ariana's life, issued by Crimson Company (Rex is the designated beneficiary, but Ariana can change beneficiaries) $ 400,000
A) Assuming that Peter and Rex survive Ariana, how much is included in Ariana's probate estate?
B) Ariana's gross estate?
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young