Several years ago,Sid purchased land listing ownership as "Sid,Hope,and Faith,equal joint tenants." In the current year,Faith dies first.One-third of the value of the land is included in Faith's probate estate.

Question

Quizplus · Accepted Answer

The ownership interest of a joint tenant is defeated by death.Therefore,none of the property is included in either Faith's probate estate or gross estate.

Several Years Ago,Sid Purchased Land Listing Ownership as "Sid,Hope,and Faith,equal