Lucy dies intestate, leaving three daughters, Claire, Violet and Stella. Lucy gave Claire lifetime gifts worth $40,000.
Fantastic news! We've Found the answer you've been seeking!
Question:
Lucy dies intestate, leaving three daughters, Claire, Violet and Stella. Lucy gave Claire lifetime gifts worth $40,000. Lucy's probate estate totals $50,000. Her sole heirs are her three children. Under the common law approach, how will Lucy's estate be distributed?
Claire must pay the estate $10,000, and Violet and Stella will receive $30,000 each.
Violet and Stella will divide equally the $50,000.
Claire will receive $10,000, and Violet and Stella will receive $20,000 each.
Claire, Violet, and Stella will gain equal shares of the $50,000.
Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
Posted Date: