When Shipley died, he owned $100,000 in bonds that he left to his church, a $400,000 house held in joint tenancy with right of survivorship with his brother, and a collection of antique automobiles valued at $1,300,000 that he left to his son.What are Shipley's probate estate and his gross estate, respectively?

Question

Quizplus · Accepted Answer

Shipley's probate estate includes assets that would be distributed under his will or intestacy laws, which are the bonds and the antique automobiles, totaling $1,400,000. His gross estate includes all assets he owned at death, including the house held in joint tenancy, totaling $1,600,000.

When Shipley Died, He Owned $100,000 in Bonds That He