At the time of his death Jason had the following assets: • Home owned jointly with...
At the time of his death Jason had the following assets:
• Home owned jointly with rights of survivorship with his wife Sally, 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. Jason’s sister Toby is the remainder beneficiary.
• IRA worth $750,000. His wife Sally is the primary beneficiary.
What is the value of assets that will be included in Jason’s gross estate?
$1,500,000
$1,250,000
$1,000,000
Homework Answers
Jason’s gross estate:- $1,250,000
Computation:-
Life estate received from his mother. $1,000,000
Add:- Stock account in his individual name: $250,000
$1,250,000
- The Gross Estate does not include property owned solely by the decedent's spouse or other individual
- An IRA is not considered part of gross estate.
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