When John died on April 16, he had interests in the following assets: a. $300,00

Question

When John died on April 16, he had interests in the following assets: a. $300,000 home held in joint tenancy with his wife; b. $25,000 bank account in his name only; c. $12,000 car that was jointly tilted with his son; d. $500,000 term life insurance policy owned by him with his wife the named beneficiary; e. John's living trust held title to his 50 percent ownership in the Garden Corporation valued at $2,000,000. Last year John transferred ownership of a $100,000 life insurance policy on his life to his daughter, electing gift splitting. At the time, the policy had a cash surrender value of $20,000 and $22,000 at his death. What is John's probate estate? What is John's gross estate?

Explanation / Answer

Value of Home 300000*50% 150000 Balance in Bank Account 25000 Car 12000*50% 6000 Life Insurance Policy 500000 Interest in trust 2000000*50% 1000000 John`s Estates 1681000

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