Question: May Yee had a $950,000 net worth at the time of her death in 2014. In addition, she owned a $250,000 whole life policy with

May Yee had a $950,000 net worth at the time of her death in 2014. In addition, she owned a $250,000 whole life policy with $40,000 of accumulated cash value; her niece was designated as the beneficiary. She also had a $150,000 pension plan benefit, also payable to her niece.
a. What is the value of May Yee's gross estate?
b. How much of her estate is taxable?
c. How much of her estate must pass through probate?

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a May Yees estate value is 950000 40000 150000 1140000 b Taxable value of May Yees estate i... View full answer

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