Estate Flashcards
1
Q
No survivorship rights in community property
A
No survivorship rights so a will is needed by each spouse and the property will be subject to probate upon death of either spouse
2
Q
Assets subject to probate
COMESTIC
A
- Community property (50% attributable to each spouse)
- Assets where the beneficiary is the “estate of the insured”
- “Singly” owned assets (individual ownership)
- Property held Tenancy in Common
3
Q
Will Substitutes/Avoiding Probate
A
- JTWROS
- Tenancy by entirety TBE
- Payable on death POD
- Transfer on Death
- Totten trust
- Transfer by contact: Named benes for qualified/retirement plans, IRA’s, life insurance &annuities
- Deeds of title
- Trusts: Revocable and/or Irrevocable
4
Q
Gross Estate
A
Includes ALL probate and non-probate assets
Includes Gift Taxes Paid within 3 years if death
GSTT generation skipping taxes paid within 3 yrs do NOT get added back
5
Q
Adjusted Gross Estate AGE
A
Gross estate minus:
- Funeral expenses
- Administration expenses
- Debts
- Taxes
- Casualty losses for federally declared disasters
6
Q
Taxable Estate
A
AGE minus:
Marital & Charitable deductions
