Dick and Karen are married and live in a community property state. All of their property is also located in this state, except for an undeveloped parcel of land left to Dick by his uncle in a common law state. Dick and Karen have three minor children. Dick and Karen both have wills that leave everything to the survivor, and if there is no survivor, then to the children equally. Each will appoints the other spouse as personal representative (PR). Dick's brother was appointed as guardian of the minor children. Dick's brother has since died. After analyzing Dick and Karen's current estate plan for weaknesses, which one of the following statements is NOT correct? A) Their estates may be subject to their state intestacy statutes to appoint a PR in the event of simultaneous death. B) A guardianship and/or conservatorship proceeding will be necessary for the minor children. C) Dick's estate will require an ancillary probate proceeding. D) The wills are irrelevant since they live in a community property state.
Dick and Karen are married and live in a community property state. All of their property is also located in this state, except for an undeveloped parcel of land left to Dick by his uncle in a common law state. Dick and Karen have three minor children. Dick and Karen both have wills that leave everything to the survivor, and if there is no survivor, then to the children equally. Each will appoints the other spouse as personal representative (PR). Dick's brother was appointed as guardian of the minor children. Dick's brother has since died. After analyzing Dick and Karen's current estate plan for weaknesses, which one of the following statements is NOT correct? A) Their estates may be subject to their state intestacy statutes to appoint a PR in the event of simultaneous death. B) A guardianship and/or conservatorship proceeding will be necessary for the minor children. C) Dick's estate will require an ancillary probate proceeding. D) The wills are irrelevant since they live in a community property state.
Chapter19: Family Tax Planning
Section: Chapter Questions
Problem 32P
Related questions
Question
Dick and Karen are married and live in a community property state. All of their property is also located in this state, except for an undeveloped parcel of land left to Dick by his uncle in a common law state. Dick and Karen have three minor children.
Dick and Karen both have wills that leave everything to the survivor, and if there is no survivor, then to the children equally. Each will appoints the other spouse as personal representative (PR). Dick's brother was appointed as guardian of the minor children. Dick's brother has since died.
After analyzing Dick and Karen's current estate plan for weaknesses, which one of the following statements is NOT correct?
A)
Their estates may be subject to their state intestacy statutes to appoint a PR in the event of simultaneous death.
B)
A guardianship and/or conservatorship proceeding will be necessary for the minor children.
C)
Dick's estate will require an ancillary probate proceeding.
D)
The wills are irrelevant since they live in a community property state.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT