Question

At the time of her death, Ariana held the following assets.

Fair Market Value

Personal residence (title listed as "Ariana and Peter, tenants by the entirety with right of survivorship") $900,000

Savings account (listed as "Ariana and Rex, joint tenants with right of survivorship") with funds provided by Rex $40,000

Certificate of deposit (listed as "Ariana, payable on proof of death to Rex") with funds provided by Ariana $100,000

Unimproved real estate (title listed as "Ariana and Rex, equal tenants in common") $ 500,000

Insurance policy on Ariana's life, issued by Lavender Company (Ariana's 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

A) Assuming that Peter and Rex survive Ariana, how much is included in Ariana's probate estate?

B) Ariana's gross estate?

Answer 1