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Differentiate between the various estates in property. Scenario: Bethany Johnson, a widow, died 5 years ago without leaving a will.
Differentiate between the various estates in property.
Scenario: Bethany Johnson, a widow, died 5 years ago without leaving a will.
1. Which of the following items are included in Bethany's gross estate?
a. A life estate in a trust that pays Bethany $25,000 per year until she dies.
b. A remainder interest in a trust worth $60,000 owned by Bethany.
c. A one-half interest in investment land valued at $100,000 owned as joint tenants (Bethany and her brother) with right of survivorship.
2. In a 3-4 paragraphs (less than 500 words), prepare a sample will for Bethany to show the transfer of the assets above to Bethany's son, Mike Johnson.
