Lily Dies Early in the Current Year

question 8

Essay

Lily dies early in the current year.All her property passes subject to her will,which provides that her surviving husband,Rick,is to receive all the property outright.Her will further states that any property Rick disclaims will pass instead to their children in equal shares.Lily's gross estate is about $5 million,and her Sec.2053 deductions are very small.Rick,who is in poor health,already owns about $3 million of property.What tax issues should Rick consider with respect to the property bequeathed to him by his wife?

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Definitions:

Family Studies

Research that examines the role of family dynamics, structures, and processes in the psychological health of its members.

Recessive Genes

Genes that are not expressed as traits unless paired with an identical gene; often overshadowed by dominant genes when different alleles are present.

Dominant Genes

Genes that express their trait even if only one copy is present in the genotype.

Parasympathetic Nervous System

Part of the autonomic nervous system responsible for conserving energy and promoting 'rest and digest' bodily functions.