Purchase a course multi-pack for yourself or a friend and save up to 50%!
5-COURSE MULTI-PACK $180
10-COURSE MULTI-PACK $300
Accelerated 1-year bachelor's program
Question 1
Gary and Janet are residents of Nevada and got married last year. Gary is a self-employed computer programmer and Janet owns a daycare center. After the wedding, they purchased a condo and furnishings. Also, Janet received a $15,000 inheritance from her grandmother. Which asset is separate property?
Correct
Incorrect!
Correct Even in a community property state, some assets can be separate property. Property acquired before the marriage, gifts and inheritances are the main categories of separate property. Here, the $15,000 Janet received was an inheritance; therefore, it is considered her separate property.
Incorrect! Even in a community property state, some assets can be separate property. Property acquired before the marriage, gifts and inheritances are the main categories of separate property. Here, the $15,000 Janet received was an inheritance; therefore, it is considered her separate property.
Correct
Incorrect!
Correct
Incorrect!
Question 2
Gary and Janet are residents of Nevada and got married last year. Gary is a self-employed computer programmer and Janet owns a daycare center. After the wedding, they purchased a condo and furnishings. Also, Janet received a $15,000 inheritance from her grandmother. Janet died of breast cancer six months after their first anniversary. Janet died intestate. Janet is also survived by her brother, Peter. What does Gary inherit?
Correct
Incorrect!
Correct
Incorrect!
Correct In a community property state, a husband and wife each are co-owners of any community property. At the other's death, the surviving spouse inherits the decedent's one-half interest in that property. This results in the surviving spouse ending up with a full interest in the community property. Any property considered separate property is distributed under the state's intestate statutes. Since the $15,000 is separate property, under most statutes Gary would also inherit that money, as the surviving spouse.
Incorrect! In a community property state, a husband and wife each are co-owners of any community property. At the other's death, the surviving spouse inherits the decedent's one-half interest in that property. This results in the surviving spouse ending up with a full interest in the community property. Any property considered separate property is distributed under the state's intestate statutes. Since the $15,000 is separate property, under most statutes Gary would also inherit that money, as the surviving spouse.
Correct
Incorrect!
Question 3
Gary and Janet are residents of Nevada and got married last year. Gary is a self-employed computer programmer and Janet owns a daycare center. Prior to getting married, they lived together for five years and had two daughters, Sarah and Susan. After the wedding, they purchased a condo and furnishings. Also, Janet received a $15,000 inheritance from her grandmother. Janet died of breast cancer six months after their first anniversary. Janet died intestate. Janet is also survived by her brother, Peter. What will Gary inherit?
Correct
Incorrect!
Correct In many states, the surviving spouse takes the entire estate if the children are also the surviving spouse's children. In a community property state, a husband and wife each are co-owners of any community property. As such, Gary inherits the decedent's one-half interest in that property. This results in the surviving spouse ending up with a full interest in the community property. Any property considered separate property is distributed under the state's intestate statutes. Since the $15,000 is separate property, under most statutes Gary would also inherit that money, as the surviving spouse. Sarah and Susan would not be entitled to their own share of the estate.
Incorrect! In many states, the surviving spouse takes the entire estate if the children are also the surviving spouse's children. In a community property state, a husband and wife each are co-owners of any community property. As such, Gary inherits the decedent's one-half interest in that property. This results in the surviving spouse ending up with a full interest in the community property. Any property considered separate property is distributed under the state's intestate statutes. Since the $15,000 is separate property, under most statutes Gary would also inherit that money, as the surviving spouse. Sarah and Susan would not be entitled to their own share of the estate.
Correct
Incorrect!
Correct
Incorrect!
Question 4
William executed a will last year and provided that his designated beneficiaries, who included his son, Pablo and two grandchildren, Juan and Juanita, were to inherit the beach home he owned in the Hamptons and his shares of Microsoft stock. Six months ago, Pablo and his wife, Maria, had another son, Eduardo. William never updated his will. Over the Labor Day weekend during a fishing trip, William and Pablo died when their boat capsized. What will be the disposition of William's estate?
Correct
Incorrect!
Correct
Incorrect!
Correct
Incorrect!
Correct Most statutes allow for unintentionally omitted (pretermitted) children to share in an inheritance in the same amount as other surviving relatives of the same generation. Here, there was no indication that William wanted to disinherit Eduardo. Since there was such a short period between his birth and William's death, he never had a chance to update his will.
Incorrect! Most statutes allow for unintentionally omitted (pretermitted) children to share in an inheritance in the same amount as other surviving relatives of the same generation. Here, there was no indication that William wanted to disinherit Eduardo. Since there was such a short period between his birth and William's death, he never had a chance to update his will.