Paul and Marie Weir moved from a community property state to a common law property state last year. Shortly before their move, Paul used funds from the family bank account to purchase an airplane solely in his name. After they moved, Paul sold the residence that they had acquired during their marriage and used those funds to purchase a new residence of an equivalent value solely in his own name. Paul and Marie entered into a spousal agreement specifying that all household furnishings belong to Marie and the airplane belongs to Paul. Last month, Paul died. What are the estate planning implications of the Weirs' move from the community property state to a common law property state?
Paul and Marie Weir moved from a community property state to a common law property state last year. Shortly before their move, Paul used funds from the family bank account to purchase an airplane solely in his name. After they moved, Paul sold the residence that they had acquired during their marriage and used those funds to purchase a new residence of an equivalent value solely in his own name. Paul and Marie entered into a spousal agreement specifying that all household furnishings belong to Marie and the airplane belongs to Paul. Last month, Paul died. What are the estate planning implications of the Weirs' move from the community property state to a common law property state?
Chapter12: Nonrecognition Transactions
Section: Chapter Questions
Problem 40P
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Paul and Marie Weir moved from a community property state to a common law property state last year. Shortly before their move, Paul used funds from the family bank account to purchase an airplane solely in his name. After they moved, Paul sold the residence that they had acquired during their marriage and used those funds to purchase a new residence of an equivalent value solely in his own name. Paul and Marie entered into a spousal agreement specifying that all household furnishings belong to Marie and the airplane belongs to Paul. Last month, Paul died.
What are the estate planning implications of the Weirs' move from the community property state to a common law property state?
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