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Unformatted text preview: $600,000 6. One-half the value of property held jointly by spouses is included regardless of who purchased the property. $200,000 7. The trust was revocable so it is still considered Marcias property when she died. $500,000 8. She retained the right to use (control) the property. $1,000,000 9. One-half the value of these jointly held assets is included in Marcias gross estate. $ - 0 - 10. Marcia does not have a general power of appointment over these assets. She can change the remainder beneficiaries only. Her rights to the income of the trust terminate at her death. If the trust had accrued income which is rightfully Marcias at her death, that amount should be distributed to her estate and included in the gross estate. $2,880,000 Total gross estate (1,600,000) Less: Marital deduction joint assets ($1,000,000 + $600,000) (50,000) Charitable deduction (25,000) Debts $1,205,000 Taxable estate...
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- Spring '08