Impact of the 2001 Act (EGTRRA) Self-Quiz
Rebecca died
unexpectedly last June. At the time, she still lived in the home she and
her late husband, Arthur, had purchased in a Denver suburb in 1969. The
house cost $15,000. Today, homes on her street sell for $500,000 to $600,000
and Rebecca’s home recently appraised for $560,000. Her will left
the home to her granddaughter, Francine. Francine left Denver after high
school graduation and has no desire to live there again. Accordingly,
she decided to immediately sell the house and got $525,000 for it.
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Rebecca died
unexpectedly last June. At the time, she still lived in the home she and
her late husband, Arthur, had purchased in a Denver suburb in 1969. The
house cost $15,000. Today, homes on her street sell for $500,000 to $600,000
and Rebecca’s home recently appraised for $560,000. Her will left
the home to her granddaughter, Francine. Francine left Denver after high
school graduation and has no desire to live there again. Accordingly,
she decided to sell the house and got $525,000 for it.
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Ryan died unexpectedly
in March 2010. For many years, Ryan had split his time between Minnesota
and a second home in Palm Beach, Florida. He purchased the Minnesota home
in 1985 for $136,000. He bought the Palm Beach home in 1995 for $640,000.
Today, they are worth, $350,000 and $1,200,000, respectively. Ryan’s
will left both homes to his sister, Janice. Janice has lived in Atlanta
for many years and has no desire to use either of the homes. As such,
she intends to sell them.
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