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At the time of his death Nick had the following assets: Home owned jointly...

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Finance

At the time of his death Nick had the following assets:

Home owned jointly with rights of survivorship with his wife Natasha, valued at $600,000. 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. Nicks sister Abby is the remainder beneficiary. IRA worth $750,000. His wife Natasha is the primary beneficiary.

1. What is the value of assets that will be included in Nicks gross estate?

A. $2,600,000 B. $1,600,000 C. $1,300,000 D. $1,000,000

2. What is the value of assets that will be subject to probate at Nicks death?

A. $1,300,000 B. $1,000,000 C. $850,000 D. $250,000

3. The residuary clause in Nicks will states that the residue of his estate will pass to his wife Natasha. Who will receive the family vacation home?

A. Natasha B. Abby C. Judy D. Whoever Nick named in his will

4. Who will receive the stock account?

A. Natasha B. Toby C. Judy D. Whoever Nick named in his will

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