Beth is a widower who consulted Gary, a CFP® professional, for advice with respect to her financial and estate planning goals. Beth told Gary that she has just updated her estate plan and has executed a will and a trust, a durable power of attorney, health care power of attorney and a health care proxy. Beth reports that she is the trustee of her trust while she is alive and that has named her son Carter as the successor trustee. She also reports that she is a trust beneficiary while she is alive. Beth does not understand her estate plan and wants Gary to help her understand it.

Which assets should Gary help Beth transfer to her Trust while she is still alive so that they will not be subject to probate?

Life insurance valued at $1,000,000 – her children are named as the beneficiaries.

Stock account in her name alone - $1,500,000.

A rollover IRA which she created following Gary’s death worth $750,000 – her children are named as the beneficiaries.

A mutual fund account titled JTWROS with Carter valued at $750,000.

Her home which she owns in her name alone valued at $600,000.

Select one:

a. I, II, and V

b. III and IV

c. II and V

d. I, III and IV

Answer rating: 100% (QA)

Probate assets are anything owned by a deceased person that has no way of passing to a living benefi... View the full answer