At the time of her death, Ariana held the following assets. (All are at Fair mar

Question

At the time of her death, Ariana held the following assets. (All are at Fair market Value) Personal residence(Ariana and peter, tenants by the entirety with right of survivor-ship) 900,000, Savings account(ariana and Rex, joint tenants with right of survivorship) with funds provided by Rex 40,000 Certificate of deposit (Ariana, payable on proof of death to Rex) 100,000 Unimproved real estate(Ariana and Rex, equal tenants in common) 500,000 Insurance policy on Ariana's life, issued by lavender Company(Arianas 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 Assuming that Peter and Rex survive Ariana, how much is included in Ariana's probate estate? Ariana's gross estate?

Explanation / Answer

Ariana's Probate Estate You have to take the fair market value in case of all assets Personal Residence - Savings Account - COD - Unimproved real estate 250000 Life Insurance policy-Lavender 300000 Life Insurance policy-Crimson - Total 550000 Gross Estate You have to take the fair market value in case of all assets Personal Residence 450000 Savings Account - COD 100000 Unimproved real estate 250000 Life Insurance policy-Lavender 300000 Life Insurance policy-Crimson - Total 1100000

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