Question

Jack and Jill are married. At the time of his death Jack and Jill hold the...

  1. Jack and Jill are married. At the time of his death Jack and Jill hold the following assets:

Residence (JTWROS with Jill)

$1,000,000

Common stock (Jack)

$900,000

Municipal bonds (Jack)

$300,000

Investment real estate (Jack’s revocable trust)

$500,000

Life insurance (owned by Jack, Jane is the beneficiary

$1,000,000

Mutual funds (Jill)

$400,000

IRA (Jill is the beneficiary)

$550,000

Joint checking account

$100,000

What is the amount of Jack’s gross estate?

What is the amount of Jack’s probate estate?

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Answer #1

The Amount of Jack's Gross estate

Residence (JTWROS with Jill) $500000

Common stock (Jack) $900000

Municipal bonds (Jack) $300,000

Joint Checking Account $50000

Investment real estate (Jack’s revocable trust) $500000

Life insurance (owned by Jack, Jane is the beneficiary $1000000

IRA (Jill is the beneficiary) $550000

Gross Estate $380000

2.The amount of Jack’s probate estate

Common stock (Jack) $900000

Municipal bonds (Jack) $300,000

Probate Estate    $1,200,000

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