Kevin will be taken c:are offor the rest of his life. Despite your insistence, James does not have a will, and you have advised h1m previously that state intestacy la_ do not protect same-sex partners. Which of the following _et ownership options would fulfill James' goal of tl'ansferring assets to Kevin at his deathl a. Community property.
b. Tenancy in common with each other.
c. Joint tenancy with rights of survivorship.
d. Tenancy by the entirety.
The correct answer is c.
When one owner dies owning property held as …show more content…
Each partner is listed as the beneficiary of the other partner's qualified pension plan.
c. Each partner i. a joint tenant in all of the couple's property owned joint tenancy with rights of survi""rshlp.
d. State intestacy laws.
The correct answer is d.
State intestacy laws usually do not provide for asset transfers ro non-relared parries, including rhe surviving partner in a same-sex couple. The designated beneficiary of a lite insurance policy will receive the proceeds of the life insurance policy by state contract law. The designated beneficiary of a qualified pension plan will also receive the assets by state contract law. A joint tenant of properry hdd ]TWROS will also receive the decedent joint tenant's interest per the srate contract law,
8, Kim and Tommy ha"" lived In Atirona since their marriage. Kim recei""d an inheritance from her father during their marriage. Kim and Tommy are moving to Massachusetts for a new job and have some questions regarding their mo"" tn a common law (separate property) state from a community property state. Which of the following statements is correct?
a. When a couple moves from a community-property state to a common law …show more content…
Community property a""ids probate at the death of the first spowe and automatically passes to the surviving spowe by operation of law.
d. To get the step-to fair market value in basis at the death of the first spowe, a couple who lives in a common law (separate property) state can elect to treat their separate property as community property.
The correct answer is a.
Answer a is the only Correct statement, When a couple moves from a community property srare to a common law (separare properry) stare. separate property will generally remain separate property. Answer b is incorrect because separate properry does nor generally become communiry properry when a married couple moves from a common law srare ro a community property State. Answer c is incorrecr because community properry may be disposed of by will and does not auromatically pass to the surviving spouse by operarion of law. Finally. answer dis incorrecr because couples living in common law states cannot elect community property treatment at the dearh of the first spouse in order to get a srep-up in basis,
MULTIPLE-C~OICE PROBLEMS
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9. Dan hu owned 100% of the stock of Dam'1 Baked Goods, a corporation, for 22 Y""fS. In the