Harry and Brenda are husband and wife.Using his funds,Harry purchases real estate which he lists as: "Harry and Brenda,tenants by the entirety with right of survivorship." If Harry dies first,only one-half of the value of the real estate will be included in his gross estate.

Question

Quizplus · Accepted Answer

When real estate is held as tenants by the entirety, each spouse owns an undivided one-half interest in the property. Upon the death of one spouse, the surviving spouse automatically becomes the sole owner of the property. As a result, only one-half of the value of the property is included in the deceased spouse's gross estate.

Harry and Brenda Are Husband and Wife