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Before her death in early 2011, Katie made the fol...




Before her death in early 2011, Katie made the following transfers. ? In 2008, purchased stock in Green Corporation for $200,000, listing title as follows: ?Katie, payable on proof of death to my son, Travis.? Travis survives Katie, and the stock is worth $300,000 when Katie dies. ? In 2009, purchased an insurance policy on her life for $200,000 listing Paul, another of Katie?s sons, as the designated beneficiary. The policy has a maturity value of $1 million and was immediately transferred to Paul as a gift. ? In 2010, made a gift of land (basis of $300,000; fair market value of $1.3 million) to Adriana, Katie?s only daughter. As a result of the transfer, Katie paid a gift tax of $150,000. The value of the land is still $1.3 million at Katie?s death. ? In 2009, established a savings account with $100,000, listing title as ?Katie and Wilma, joint tenants with right of survivorship.? Wilma, Katie?s mother, died in 2010 when the accounts balance was $102,000. At Katie?s death the balance was $104,000 As to these transfers, how much is included in Katie?s gross estate?


Paper#5108 | Written in 18-Jul-2015

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