GHA Week 8 (2,3,4 in Estate)
At the time of his death Shawn had the following assets:
Home owned jointly with rights of survivorship with his wife Amy, 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. Shawns sister Toby is the remainder beneficiary.
IRA worth $750,000. His wife Amy is the primary beneficiary.
1.What is the value of assets that will be included in Shawns gross estate? Provide your reasoning.
2.What is the value of assets that will be subject to probate at Shawns death? Provide your reasoning.
3.Who will receive the stock account upon Shawns death? Provide your reasoning.
4.Briefly describe the difference between community property and non-community property.
5.If a married couple lives in a community property state, can either spouse own separate property? If so, describe the circumstances and type of property.
6.If a married couple acquires property while living in a community property state and then moves to a non-community property state, will the property be automatically considered to be non-community property?
7.What type of property can be transferred under a decedents will?
8.How is property transferred if a person dies intestate?
9.If property is owned as joint tenancy with right of survivorship, is the property subject to probate? If not, how does it pass?
10.Please describe how assets can be transferred by contract.