Upon the Death of a Resident of a Community Property

question 3

True/False

Upon the death of a resident of a community property state, only half of the value of any assets owned as community property are included in the decedent's gross estate.

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Definitions:

Antitrust Laws

Legislation intended to promote competition and prevent monopolies by regulating the conduct and organization of business corporations.

Employment-At-Will Doctrine

A legal principle that allows an employer to terminate an employee at any time for any reason, except an illegal one, and without warning, as long as the reason is not illegal.

Common Law

A legal system based on customs, judicial decisions, and precedent rather than written laws; prevalent in the UK and former British colonies.

Statutory Law

Law enacted by a legislative body, such as statutes passed by Congress or a state legislature.