Lyle and Beatrice are brother and sister.Using his funds,Lyle purchases land,listing title as: "Lyle and Beatrice,joint tenants with right of survivorship." If Lyle dies first,all of the land is included in his gross estate.

Question

Quizplus · Accepted Answer

Joint tenancy with right of survivorship means that if one owner dies, the other owner automatically inherits the deceased owner's share of the property. Therefore, if Lyle dies first, the entire value of the land will be included in his gross estate for federal estate tax purposes.

Lyle and Beatrice Are Brother and Sister