1.Which of the following is a consequence of the way in which the Ferris' home is titled?
A. Either spouse can dispose of his or her interest will by at death.
B. If Mary is the first to die, no portion of the home will be included in her probate estate.
C. At the first death, there is a full step-up in basis for the property.
D. IfFred contributed all ofthe money to purchase the home, the entire value is included in his gross estate at his death.
2. Which of the following statements describes the effect of the titling of the automobile parts supply business interest?
A. Mary must consent to any sale or other disposition of the interest.
B. If Fred is the first to die, no portion of the business interest will pass through probate.
C. At Fred's death, one-half of the value of the business interest will be included in his gross estate.
D. If Fred dies today, there will be a full step-up in basis for the business interest .
3. IfFred dies today, what is the amount of his probate estate?
A. $160,000
B. $251,000
C. $10,000,000
D. $10,216,000
4. IfMary dies today, how much is her probate estate?
A. $0
B. $36,000
C. $110,000
D. $250,000
5. Which of the following is a correct description of Fred's will?
A. Joint will
B. Simple will
C. Pour-over will
D. Mutual will