In a 3-4 paragraphs (less than 500 words), prepare a sample will for Bethany to show the transfer of the assets above to Bethany’s son, Mike Johnson.

Bethany Johnson, a widow, died 5 years ago without leaving a will. Respond to the following questions and submit your answers in a Word Document to the Unit 3: Assignment Dropbox. Remember to review and reference the applicable sections of the Tax Code, including Publications 706 and 709.

1. Which of the following items are included in Bethany’s gross estate?

a. A life estate in a trust that pays Bethany $25,000 per year until she dies. b. A remainder interest in a trust worth $60,000 owned by Bethany. c. A one-half interest in investment land valued at $100,000 owned as joint tenants (Bethany and her brother) with right of survivorship.

2. In a 3-4 paragraphs (less than 500 words), prepare a sample will for Bethany to show the transfer of the assets above to Bethany’s son, Mike Johnson.

 

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