Bob’s address is 154 Street Lane, Somewhere, Unistate, Here County.
Bob’s address is 154 Street Lane, Somewhere, Unistate, Here County. Bob would like to give his boat to his son, Zach Stillman (successor: Bob’s niece, Julie Blankman). He would like to give his car to his daughter, Tina Stillman (successor: Bob’s nephew, Jacob Blankman). He would like to give $25,000 from his savings account to his sister, Jacklyn Blackman (successor: his wife, Tica Stillman). Bob would like the rest of his estate to go to his wife, Tica (successor: his son, Zach). Bob would like to have his brother, Sam Stillman (address: 187 Street Lane, Somewhere, Unistate), serve as the executor of his estate (successor: Tica Stillman). Bob wants all debts and taxes paid out of the remaining property that’s going to Tica. 1. Draft a will for Mr. Stillman’s review. Label each clause to indicate what type of provision it is. Your document is worth 30 points. 2. What of Bob’s property is "probate property"? What is "nonprobate property"? Provide a reason for each item you list as nonprobate property. Your answer is worth 18 points. 3. Assume Bob dies in 2014. Is Bob’s estate subject to federal estate taxes? Explain. Your answer is worth 12 points.
Bob Stillman (Robert James Stillman) hires your supervising attorney to prepare a will for him. Bob’s assets consist of . A home valued at $500,000 held jointly with his wife, Tica . A $25,000 insurance policy payable to the estate . A $10,000 CD held jointly with Tica . A $40,000 insurance policy, in which Bob hasn’t retained any incidents of ownership, payable to Tica . $15,000 in a joint checking account with Tica . $100,000 in a savings account in Bob’s name only at the Somewhere City Bank . A Skylark boat valued at $30,000 . An Oldsmobile car valued at $23,000 The remainder of Bob’s property has a total value of $10,000.
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