Your client's wife died this year with a gross estate valued at $5.5 million, which included two solely owned apartment buildings, each valued at $2 million. Debts and expenses payable by her estate are estimated at $250,000. During the past three years, she gave most of the rents from the apartment buildings directly to her son's university to pay for his graduate school tuition. She and your client owned a personal residence worth $1 million as joint tenants with right of survivorship. Her will, which appoints her brother executor, leaves all her solely owned property to her son with the remainder to your client. If your client's major objective is to maximize his share of his wife's estate, which one of the following is the most advisable postmortem action for him to take?
Your client's wife died this year with a gross estate valued at $5.5 million, which included two solely owned apartment buildings, each valued at $2 million. Debts and expenses payable by her estate are estimated at $250,000. During the past three years, she gave most of the rents from the apartment buildings directly to her son's university to pay for his graduate school tuition. She and your client owned a personal residence worth $1 million as joint tenants with right of survivorship. Her will, which appoints her brother executor, leaves all her solely owned property to her son with the remainder to your client.
If your client's major objective is to maximize his share of his wife's estate, which one of the following is the most advisable postmortem action for him to take?
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