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1. When would a decedent's property be subject to ancillary probate? A. If the decedent...

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Finance

1. When would a decedent's property be subject to ancillary probate?

A. If the decedent is a resident of one state and owns a real property interest in a LLC in another state.

B.If the decedent is a tenant in common in real estate with an unrelated person and the property is located in a state other than the state of domicile.

C.If the decedent was a resident of a community property state.

D.If the decedent owned a life estate in real property located in a state other than his state of domicile.

2. Eric and Ariel made the following gifts this year: Eric gave their son, Sebastian, a car worth $4,000 owned as community property. Eric also gave Sebastian his stamp collection (separate property) valued at $60,000.Eric gave his brother, Max, $20,000 of Eric's separate property so Max could purchase a new home. Eric gave his sister, Alana, $4,000 in cash from his and Ariel's joint checking account which consists only of community property. He also gave Alana a piece of land he purchased before his marriage to Ariel, valued at $49,000.After the gift, how is Sebastian's ownership of the car classified?

A. Sole Ownership.

B. Joint Tenancy with Eric.

C. Tenancy in Common with Eric and Ariel.

D. Community Property with Sebastian's wife, Barbie.

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