1. The only things he owned were a $500,000 life insurance policy and a farm that he bot way back for $1,000,000 but is now worth $5,000,000. The insurance proceeds went directly into a life insurance trust, as the beneficiary. Does he have a taxable estate with him only owning $5,000,000 (the FMV of the farm)?
2. My uncle's wife just died. it was his second marriage and she has adult children who now contend half the house they lived in belongs to them. it's an expensive house with a value of $500,000, mortgage free. She bot the house with her money for the down payment and took out a mortgage. To qualify for the loan they put the property into both of their names as joint tenants. Her kids see her will left everything she owned to them. They're telling us they're going to sue to get half the house.