Homework Answers
- All the assets mentioned will pass automatically by operation of law to the beneficiary.
- The assets mentioned are:
- A home held as joint tenants with right of survivorship.
- A reminder interest in a life estate.
- Funds held in a Totten Trust Account.
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Which of the following assets will pass automatically by operation of law? A. A home held...
At the time of her death, Ariana held the following assets. Fair Market Value Personal residence...
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...
Under common law, right of survivorship was automatically a feature of which type of co-tenancy? a....
Under common law, right of survivorship was automatically a feature of which type of co-tenancy? a. joint tenancy b. tenancy in common c. community property d. all of the above
Your client, Samantha, died testate last week. At her death she had the following property interests:...
Your client, Samantha, died testate last week. At her death she had the following property interests: a. 1/2 of the home that she owns with her husband as community property. b. 1/3 of the vacation home that she owns with her two sisters as tenants in common. c. An empty lot that she alone owns. d. 1/3 of her late parents’ home, which she owns with her two sisters as joint tenants with right of survivorship. Which property interest will...
At the time of his death Jason had the following assets: • Home owned jointly with...
At the time of his death Jason had the following assets: • Home owned jointly with rights of survivorship with his wife Sally, valued at $500,000. • Stock account in his individual name, valued at $250,000. • Life estate received from his mother, Judy, in a family vacation home. The home is worth $1,000,000. Jason’s sister Toby is the remainder beneficiary. • IRA worth $750,000. His wife Sally is the primary beneficiary. What is the value of assets that will...
i need the answer and at least a one sentence explanation on why thats the answer...
i need the answer and at least a one sentence
explanation on why thats the answer
Unit 3 Ownership of Real Property77 REVIEW QUESTIONS When Aunt Winifred died, she left a life estate in Whiteacre to her nephew George. When George dies, Whiteacre will go to George's daughter Elizabeth. Elizabeth is a a reversioner. 8. A fee simple estate and a life estate are a. freehold estates. b fee simple estates. c. leasehold estates d. estates of tenancy. 1. The...
A, a widow, died in 2014 with the following assets: savings account ($15,000), checking account ($1,500),...
A, a widow, died in 2014 with the following assets: savings account ($15,000), checking account ($1,500), certificates of deposit ($43,000), stocks and bonds ($378,000), auto ($6,000), real estate ($254,000), which is subject to a recourse mortgage of $30,000, joint and survivor checking account with her son J in which she contributed all the funds ($2,500), and personal and household goods ($15,000). A also was the beneficiary of a testamentary trust created under the will of her late husband H, pursuant...
***************** please use 2019 not 2014 1. A, a widow, died in 2014 with the following...
***************** please use 2019 not 2014
1. A, a widow, died in 2014 with the following assets: savings account ($15,000), checking account ($1,500), certificates of deposit (S43,000), stocks and bonds (S378,000), auto ($6.000), real estate (S254.000), which is subject to a recourse mortgage of $30,000, joint and survivor checking account with her son J in which she contributed all the funds (S2,500), and personal and household goods ($15,000). A also was the beneficiary of a testamentary trust created under the...
death deposits instructions lifetime public a. Living (Inter Vivos) Trust-A trust executed by a grantor during...
death deposits instructions lifetime public a. Living (Inter Vivos) Trust-A trust executed by a grantor during his or her . A living trust may be revocable or irrevocable. b. Testamentary Trust-A trust created by will and coming into existence on the _ of the grantor. C. Charitable Trust-A trust designed for the benefit of a segment of the or the public in general. d. Spendthrift Trust-A trust created to provide for the maintenance of a beneficiary by allowing her or...
Which of the following is an INCORRECT statement regarding the? testator's signature requirement for making a...
Which of the following is an INCORRECT statement regarding the? testator's signature requirement for making a valid? will? A. Wills need not be signed. B. Courts have held that an? "X" can constitute a valid signature on a will if it can be proven that the testator intended it to be his or her signature. C. Courts have held that the? testator's nickname can constitute a valid signature on a will if it can be proven that the testator intended...
TAXATION
May, age 84, died Sept. 19, 2019. At the time of her death, she owned, completely or partially, the following assets:Her late husband, John, had established a trust with being an income beneficiary and their two children receiving a remainder interests. The executor of John’s estate made the QTIP election. At the time of her death, the value of the trust was $7.5 million.May owned three insurance policies – one on her life and one on the life of each...
i need the answer and at least a one sentence
explanation on why thats the answer
Unit 3 Ownership of Real Property77 REVIEW QUESTIONS When Aunt Winifred died, she left a life estate in Whiteacre to her nephew George. When George dies, Whiteacre will go to George's daughter Elizabeth. Elizabeth is a a reversioner. 8. A fee simple estate and a life estate are a. freehold estates. b fee simple estates. c. leasehold estates d. estates of tenancy. 1. The...
***************** please use 2019 not 2014
1. A, a widow, died in 2014 with the following assets: savings account ($15,000), checking account ($1,500), certificates of deposit (S43,000), stocks and bonds (S378,000), auto ($6.000), real estate (S254.000), which is subject to a recourse mortgage of $30,000, joint and survivor checking account with her son J in which she contributed all the funds (S2,500), and personal and household goods ($15,000). A also was the beneficiary of a testamentary trust created under the...
death deposits instructions lifetime public a. Living (Inter Vivos) Trust-A trust executed by a grantor during his or her . A living trust may be revocable or irrevocable. b. Testamentary Trust-A trust created by will and coming into existence on the _ of the grantor. C. Charitable Trust-A trust designed for the benefit of a segment of the or the public in general. d. Spendthrift Trust-A trust created to provide for the maintenance of a beneficiary by allowing her or...
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