Question: Any help at all or partial answers will get an upvote from me! Thank you! Jackson and Kelsea met in College Station, Texas at a

Any help at all or partial answers will get an upvote from me! Thank you!

Jackson and Kelsea met in College Station, Texas at a student investment club while attending A&M. They are now a married couple still living in Texas with two children, Maryn, age 6, and Miles, age 4. Jackson and Kelsea are young professionals who maintain a healthy and active lifestyle. Unfortunately, Jackson passed away unexpectedly from a car accident. On the day that Jackson died, and he and Kelsea owned the following assets. Fortunately, Jackson and Kelsea had recently worked with an attorney to draft a valid will that leaves everything to each other.

1. Home and shop located on 2 acres valued at $676,000 owned as community property with Jackson and Kelsea. 2. A 4-plex rental property valued at 370,000 owned as Tenants in Common with Jackson and his brother Cole. The property was originally purchased for $200,000 with Jackson paying $150,000 and Cole paying $50,000 of the purchase price. 3. Jacksons truck valued at 60,000 held in fee simple by Jackson. 4. Kelsea's SUV valued at $44,000 held as joint tenants with the right of survivorship (JTWROS) with Jackson. 5. Recreational Vehicle (RV) used for camping and A&M tailgates, valued at $52,000 owned as Tenants in Common between Jackson and his brother Cole equally. The original purchase price was $75,000 with Jackson paying $25,000 and Cole paying $50,000. 6. Life insurance policy, owned by Jackson on his own life with Kelsea as the primary beneficiary. Premiums for the policy have always been paid from the JTWROS checking account below. The policy death benefit is $1,000,000 and the fair market value is $500,000. 7. Bank checking account held as joint tenants with right of survivorship (JTWROS) with Jackson and Kelsea. Both Jackson and Kelsea have their paycheck direct deposited into this account each pay period. Valued at $14,000. 8. Jackson accumulated a bank savings account before his marriage to Kelsea from earnings he made showing animals at the local county fair. This account is held as POD to Jacksons kids, Maryn and Miles equally. No deposits have been added to the account since Jackson married Kelsea. When their kids are old enough, Jackson plans to use the funds to help them get started with their own animal projects at the local county fair. Valued at $42,000. 9. Jacksons Roth IRA that he started in college from earnings from his part-time job. He has contributed to the account every year since then with money from the JTWROS checking account. He never got around to adding a beneficiary to the account. Valued at $153,000. 10. Kelseas Roth IRA that she started in college from earnings from her part-time job. She has contributed to the account every year since then with money from the JTWROS checking account. She updated the beneficiary to Jackson after they married. Valued at $180,000.

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Fill in all rows and columns for Jackson in the table below. Unless otherwise stated, assume equal contributions were made by all parties for jointly owned property. Be sure to include the total in the last row of the table. Helpful Hints: 1. This assignment is patterned after an example from your book using a different fictional client fact set and numbers. Go through the examples for the readings this week (ch 4). 2. Review the readings for the week about how each type of property will pass upon death based on the way it is titled. Also review which assets pass through probate and which assets pass outside of probate by other means. 3. Remember that Texas is a Community Property state. Review the treatment of assets in Community Property states. Review the difference in treatment for accounts that are commingled versus accounts that are maintained as separate property. 4. Also listen to the recorded lecture for chapter 3 and 4 for treatment of retirement accounts in a community property state. 5. Assume the life insurance policy is community property. 6. Be sure to review the rules for assets where owners made an unequal contribution to the property

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