Juan dies and is survived by his wife, Marie. Under Juan’s will, all of his otherwise uncommitted assets pass to Marie. Based on the property interests listed below, determine the marital deduction allowed to Juan’s estate. Residence of Juan and Marie worth $1,500,000 owned by them as tenants by the entirety with right of survivorship. Juan provided the original purchase price.
Juan dies and is survived by his wife, Marie. Under Juan’s will, all of his otherwise uncommitted assets pass to Marie. Based on the property interests listed below, determine the marital deduction allowed to Juan’s estate. Residence of Juan and Marie worth $1,500,000 owned by them as tenants by the entirety with right of survivorship. Juan provided the original purchase price.
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 58P
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Juan dies and is survived by his wife, Marie. Under Juan’s will, all of his otherwise uncommitted assets pass to Marie. Based on the property interests listed below, determine the marital deduction allowed to Juan’s estate.
- Residence of Juan and Marie worth $1,500,000 owned by them as tenants by the entirety with right of survivorship. Juan provided the original purchase price.
- Insurance policy on Juan’s life (maturity value of $300,000) owned by Juan with Marie as the designated beneficiary.
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