Elective Share, Simultaneous Death, & Slayer Statute Flashcards
How much of each asset below will be included in Tammy’s elective estate if she died tomorrow? How much of each asset below will be included in Tammy’s elective estate if she died tomorrow? She married her husband 5 years ago. Assume none of the property is community property and that Tammy’s husband did not give a written consent to any of the transfers. Tammy transferred Lemonacre into a tenancy in common with her sister Myra in January of this year. Tammy had purchased Lemonacre in 2002.
Categories 1 and 8. Because it is a tenancy in common owned by two tenants, Tammy owns 1/2 as a probate asset, which is included under Category 1. In addition, the other 1/2 interest (to the extent it exceeds the amount of the gift tax exemption) is included under Category 9 as a transfer by Tammy to Myra within one year of death.
How much of each asset below will be included in Tammy’s elective estate if she died tomorrow? How much of each asset below will be included in Tammy’s elective estate if she died tomorrow? She married her husband 5 years ago. Assume none of the property is community property and that Tammy’s husband did not give a written consent to any of the transfers. Tammy transferred Lemonacre into a tenancy in common with her sister Myra in January of this year. Tammy had purchased Lemonacre in 2002.
Categories 1 and 8. Because it is a tenancy in common owned by two tenants, Tammy owns 1/2 as a probate asset, which is included under Category 1. In addition, the other 1/2 interest (to the extent it exceeds the amount of the gift tax exemption) is included under Category 9 as a transfer by Tammy to Myra within one year of death.
How much of each asset below will be included in Tammy’s elective estate if she died tomorrow? How much of each asset below will be included in Tammy’s elective estate if she died tomorrow? She married her husband 5 years ago. Assume none of the property is community property and that Tammy’s husband did not give a written consent to any of the transfers. Tammy and her brother Melvin purchased Plumacre as joint tenants with right of survivorship in January of this year. Each paid one-half the purchase price.
Because it is a joint tenancy with right of survivorship owned by two tenants, 1/2 of Plumacre (Tammy’s fractional interest—the value of the property divided by the number of tenants) is included under Category 4.
How much of each asset below will be included in Tammy’s elective estate if she died tomorrow? How much of each asset below will be included in Tammy’s elective estate if she died tomorrow? She married her husband 5 years ago. Assume none of the property is community property and that Tammy’s husband did not give a written consent to any of the transfers. Tammy and her brother Melvin purchased Plumacre as joint tenants with right of survivorship in January of this year. Tammy paid all of the purchase price.
Because it is a joint tenancy with right of survivorship owned by two tenants, 1/2 of Plumacre (Tammy’s fractional interest—the value of the property divided by the number of tenants) is included under Category 4. In addition, the value of the other 1/2 (to the extent it exceeds the amount of the gift tax exemption) is included in under Category 9 as a transfer by Tammy to Melvin within one year of death.
How much of each asset below will be included in Tammy’s elective estate if she died tomorrow? How much of each asset below will be included in Tammy’s elective estate if she died tomorrow? She married her husband 5 years ago. Assume none of the property is community property and that Tammy’s husband did not give a written consent to any of the transfers. Tammy and her brother Melvin purchased Plumacre as joint tenants with right of survivorship in 1997. Each paid one-half the purchase price.
The answer depends on the interpretation of Fla. Stat. § 732.2045(1)(a). The transfer was made before the effective date of the amended elective share statutes. Transfers that are irrevocable before such date are not included.
Tom made several transfers before his death but still owned a substantial amount of property at his death. What amount is included in the elective estate with respect to each of the items listed below?
Shares of stock in ABC Corporation that Tom purchased for $50,000; the shares were worth $75,000 when Tom died.
$75,000 pursuant to Fla. Stat. § 732.2055(6).
Tom made several transfers before his death but still owned a substantial amount of property at his death. What amount is included in the elective estate with respect to each of the items listed below?
Shares of stock in XYZ Corporation that Tom purchased for $25,000. Tom gave them to his uncle last month when they were worth $30,000; the shares were worth $38,000 when Tom died.
$30,000 pursuant to Fla. Stat. § 732.2055(5). The amount could be less if there is a gift tax exclusion.
Tom made several transfers before his death but still owned a substantial amount of property at his death. What amount is included in the elective estate with respect to each of the items listed below?
Shares of stock in XYZ Corporation that Tom purchased for $25,000. Tom gave them to his uncle last month when they were worth $30,000; the shares were worth $27,000 when Tom died.
$30,000 pursuant to Fla. Stat. § 732.2055(9). The amount could be less if there is a gift tax exclusion
Tom made several transfers before his death but still owned a substantial amount of property at his death. What amount is included in the elective estate with respect to each of the items listed below? A whole life policy insuring Tom’s life for $100,000; the policy’s cash surrender value was $20,000 immediately before Tom’s death.
$20,000 pursuant to Fla. Stat. § 732.2055(3)(b)(2)
John and Sue were married four months ago after a one-year engagement. John’s will, drafted four years ago, leaves all his property to his mother. John owns shares of IBM stock worth $150,000. John and his mother purchased Blackacre several years ago and took title as joint tenants with right of survivorship. Blackacre is currently worth $120,000. Sue’s will, drafted six months ago, leaves all her property to State University. Sue owns shares of Colgate Palmolive stock worth $150,000. (Ignore debts and costs of administration.)
Assume John died yesterday, survived by both Sue and his mother. What are Sue’s rights as a pretermitted spouse?
As a pretermitted spouse, Sue would receive what she would have received had John died intestate. Fla. Stat. § 732.301. Under Fla. Stat. § 732.102, Sue would receive all of John’s probate estate (the $150,000 in IBM stock). She would not receive any interest in Blackacre because John’s mother will receive all of it as surviving tenant.
John and Sue were married four months ago after a one-year engagement. John’s will, drafted four years ago, leaves all his property to his mother. John owns shares of IBM stock worth $150,000. John and his mother purchased Blackacre several years ago and took title as joint tenants with right of survivorship. Blackacre is currently worth $120,000. Sue’s will, drafted six months ago, leaves all her property to State University. Sue owns shares of Colgate Palmolive stock worth $150,000. (Ignore debts and costs of administration.) Assume instead that Sue died yesterday, survived by John. What are John’s rights as a pretermitted spouse?
Although Sue’s will was executed before she married John, he might not be deemed a pretermitted spouse. The will may impliedly disclose an intent not to provide for her spouse because she wrote the will while engaged to John and did not include him. Fla. Stat. § 732.301(3). However, if he were deemed to be pretermitted, John would receive what he would have received had Sue died intestate. Fla. Stat. § 732.301. He would receive all of Sue’s probate estate ($150,000 in Colgate Palmolive stock).
John and Sue were married four months ago after a one-year engagement. John’s will, drafted four years ago, leaves all his property to his mother. John owns shares of IBM stock worth $150,000. John and his mother purchased Blackacre several years ago and took title as joint tenants with right of survivorship. Blackacre is currently worth $120,000. Sue’s will, drafted six months ago, leaves all her property to State University. Sue owns shares of Colgate Palmolive stock worth $150,000. (Ignore debts and costs of administration.) Determine Sue and John’s rights under the elective share provisions.
John’s elective estate is worth $210,000 ($150,000 in solely owned stock and $60,000 fractional share in Blackacre). The elective share is $63,000 (30% x $210,000). Sue would receive all of John’s IBM stock (because she is a pretermitted spouse), which satisfies the elective share amount. Fla. Stat. § 732.2075.
Sue’s elective estate is worth $150,000 (her stock). The elective share is $45,000 (30% x $150,000). Sue’s stock would be used to satisfy John’s elective share. Fla. Stat. § 732.2075.
Olga owned a priceless Chagall, and Pablo owned a priceless Renoir. Olga’s will gave everything to Pablo, if he survived. If not, it went to her nephew Paul. Pablo’s will gave everything to Olga if she survived. If not, then to his nephew Edward. They die in a common disaster with no way to determine who died first. Who gets what?
Olga deemed to survive, Pablo, Chagall then goes to Paul.
Pablo, deemed to survive Olga, Renoir then goes to Edward.
Olga’s husband Pablo died in 2015, leaving a trust which gave Olga a life estate and a remainder to “my nephews and nieces alive at the time of Olga’s death”. Paul was visiting his Aunt Olga in Florida.
They decided not to evacuate when Hurricane Michael approached and they both died. It could not be determined who died first. Olga had a life estate. Paul had a contingent remainder in the trust.
Is the estate of Paul entitled to share equally with the other 3 remaindermen in the distribution of Pablo’s trust?
Olga and Paul were both beneficiaries and the statute applies when there are two or more beneficiaries to take successively. It presumes that each person is the survivor.
Paul’s estate is entitled to share equally with the other remainder persons.
Brother and Sister own Whiteacre as joint tenants with right of survivorship. Neither of them is married. Brother has four children; Sister has two children. Explain who takes Whiteacre under the following circumstances. Sister died on March 1 and Brother died on March 2.
Brother took all of Whiteacre upon Sister predeceasing him so his heirs (his four children) ultimately receive Whiteacre
