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Jesse has a gross estate  which includes the following assets: home titled JTWROS with Joan his wife                                                  $[home] stock owned JTWROS with wife                                                                $[stock] bonds owned JTWROS with children                                                         $150,000 life insurance on his life with wife Joan as beneficiary                              $[deathben] death benefit checking account JTWROS with children                                                   $25,000 What is the amount of available marital deduction?  (Round your answer to 2 decimal places)

Sherry is married to Mark.  They have the following assets.  How much of Sherry’s gross estate would be available for the marital deduction?   Title Mark sole owner Car                                   $40,000 House JTWROS Mark and Sherry              $500,000 Sherry IRA                                                   $100,000 beneficiary Sherry’s mom Sherry 401(k)                                             $[inv] beneficiary Mark  

Your client has the following assets.  Your client wants to avoid probate but does not want to set up a will.  Sue is your client’s best friend.  Which asset titling and/or beneficiary designation needs to be changed to avoid probate? House $500,000 JTWROS with sister Sue Checking $10,000 POD to sister Sue 401(k) beneficiary Sue  Checking $50,000 Tenants in common with Sue  

Sharon owns the following property: A $[lifeins] life insurance policy on her own life.  The beneficiary is Sharon’s son John.  A car titled JTWROS with Sharon’s dad. A 401(k) plan valued at $300,000 with her mother Janice and her son John named as 50/50 beneficiaries. A house titled in the name of Sharon valued at $[house] A checking account with POD to her son John An investment account with a TOD to her son John What amount of money will be included in her probate estate? (Round your answer to 2 decimal places)

For the 2024 tax year, the GSTT exemption is?

John and Jenny are married.  They have 2 children.  John has assets of $[assets] and Jenny has assets of $2,000,000. There are no state death taxes.   John would like to minimize estate taxes at his death.  Assuming 2024 estate tax rules, how much should he put in a QTIP trust? (Round your answer to 2 decimal places)

Jiang and Bao are married.  Jiang is a U.S. citizen and Bao does not have citizenship yet.  Assuming Jiang dies and his will has everything transfer to Bao, how much would Bao need to put in a QDOT to avoid estate taxes?  Assume no administrative or other costs. Asset Amount Titling Home $[house] Tenants in common with Bao Investment Account $[investment] Jiang sole owner 401(k) $[retire] Jiang owner Bao beneficiary

 A general power of appointment allow the holder to appoint property to the following.

Javier is married to Maria and they have two children Jose and Alejandra.  Javier created a will that leaves everything to Maria.  If Maria predeceases him, his estate will go to Jose and Alejandra.  Javier dies and Maria is still alive.   They have the following assets.  How much will Jose get? Asset Value Title House $[house] Tenancy in common Javier and Maria Life Insurance on Javier’s life with Javier as owner and insured $[jinsurance] death benefit $50,000 cash value Beneficiaries:  Maria 50%, Jose 25%, Alejandra 25% Checking account in Javier’s name  $[jchecking] Sole ownership Life Insurance with Javier as owner and Maria as insured $[minsurance] cash value $1,000,000 death benefit Beneficiaries:  Javier 50%, Jose 25%, Alejandra 25% Checking account in Javier and Maria’s name $[jmchecking] Joint tenancy with rights of survivorship

What are you going to do to make sure you pass this class? (Please mark all that apply; I’d suggest marking and doing all of them!)