Luka, married to Karen, and living in Florida, recently passed away owning the following assets and property:
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Luka, married to Karen, and living in Florida, recently passed away owning the following assets and property:
Fort Myers home; Tenancy by the Entirety with Karen; Value = $500,000
Porsche; Solely Owned; Value $100,000
IRA: Karen as Beneficiary: Value = $425,000
Checking Account: "Luka D, Payable-on-Death, Karen"; Value = $25,000
Savings Account: JTWROS; Value = $50,000
Life Insurance Policy; With No Beneficiary Listed; Value = $400,000
Collection of Basketball Memorabilia; Solely Owned: Value = $50,000
Investment Account; The Luka D. Revocable Trust; Value = $800,000
Calculate What is the value of Luka's probate estate?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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