At the time of her death, Ariana held the following assets.
At the time of her death, Ariana held the following assets.
Fair Market Value
Personal residence (title listed as "Ariana and Peter, tenants by the entirety with right of survivorship") $900,000
Savings account (listed as "Ariana and Rex, joint tenants with right of survivorship") with funds provided by Rex $40,000
Certificate of deposit (listed as "Ariana, payable on proof of death to Rex") with funds provided by Ariana $100,000
Unimproved real estate (title listed as "Ariana and Rex, equal tenants in common") $ 500,000
Insurance policy on Ariana's life, issued by Lavender Company (Ariana's estate is the designated beneficiary) $ 300,000
Insurance policy on Ariana's life, issued by Crimson Company (Rex is the designated beneficiary, but Ariana can change beneficiaries) $ 400,000
A) Assuming that Peter and Rex survive Ariana, how much is included in Ariana's probate estate?
B) Ariana's gross estate?
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Rating:
/5
Solution: At the time of her death, Ariana held the following assets.
Solution: At the time of her death, Ariana held the following assets.