Prepare an Inventory for the Estate of William B. Smith, listing all appropriate assets on the Inventory. Also, please indicate where the Inventory should be filed and by what date should it be filed?
Prepare an Inventory for the Estate of William B. Smith, listing all appropriate assets on the Inventory. Also, please indicate where the Inventory should be filed and by what date should it be filed?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Practice : William B. Smith died at age 45 on June 1, 2021. At his time of death, he possessed the following assets:
- Ameriprise Financial Group of Accounts No. 1234 5678 0001with a balance of $7,186.74
- Edward Jones IRA No. 544-12345-1-1 with a value of $125,456 with James E. Smith named as the beneficiary.
- 100,000 shares of AT&T stock. The value of AT&T stock on 6/1/21 was $26.55 per share
- National City Bank CD Account No. 1234567654 with a value of $25,123.25
- Dollar Bank Account Savings No. 17776654 with a value of $35,123.45
- Savings Bonds held in trust for (ITF) Sally B. Smith valued at $50,000 on 6/1/21
- Car – 2012 Honda Civic with a Kelly Blue Book Value of $6,000 on 6/1/21
- IDS Life Insurance Policy No. 8000-06246102
Term Life Insurance/No Cash Value
William was insured for $100,000 and the beneficiary is Susan L. Smith
- Dollar Bank Savings No. 01-0-665375448 held jointly with Susan L. Smith and a value of $75,000
- Wachoiva POD Account No. 5014403085 worth $520,000. POD to John M. Smith
Prepare an Inventory for the Estate of William B. Smith, listing all appropriate assets on the Inventory. Also, please indicate where the Inventory should be filed and by what date should it be filed?
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