Mr. and Mrs. Adams have lived in a community property state (California) for all their married, working
Question:
Mr. and Mrs. Adams have lived in a community property state (California) for all their married, working lives. These are their assets:
$2.0 million in stock
$600,000 of mutual funds in his name purchased with his inheritance
$230,000 vacation home in Montana
$1,000,000 home with $150,000 of personal property
$50,000 boat in his name purchased with his earnings from his inheritance
Two savings accounts: $50,000 in her name and $100,000 in his names
1. How much will be in Mr. Adam's probate estate?
2. How much is included in Mr. Adam's gross estate?
3 If Mr. Adam's were to die first, Mrs. Adam would have to go through two different probate proceedings.
4. The Adam's do not have any assets that would pass by operation of law.
5. If the Adam's only owned their boat (and rented everything else), would they still have to go to probate court?
South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts
ISBN: 9781305399884
39th Edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young