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

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?

Expert Solution

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

ekkarill92 answered 2 years ago

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