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Sajjad1994
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Part 1: Mrs. Lands's four children will receive more than $1 million each when the estate is settled.

Total value of assests = 227 + 552 + 509 + 442 + 139 = 1469K

Total value of expenes = 100 + 100 + 100 + 100 = 400K
(100K for settling of affairs, 100K donated to the Children's Hospital and Trial Medical Clinic, 100K is to be donated to local cancer charities, and 100K is to be donated to the creation of an entirely new exhibit at the Landers Field Zoo.)

Remaining value (to be distributed among all her children) = 1069K

Hence, the answer is No.

Part 2: The total estate is valued at more than $3 million.

Total value of assests = 227 + 1300+ 509 + 442 + 139 = 2617K

The real estate is now valued at 1.3 Million and that's the only change in valuation.

Hence, the answer is No.

Part 3: Mrs. Lands had more than three sources of investment income at the time of her retirement.

Sources of income:

1. Stocks and Bond Portfolio
2. Savings, CD, Money Market
3. Other Funds & Assets

Therefore, a total of 3 sources of investment income.

Hence, the answer is No.
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A. Mrs. Lands's four children will receive more than $1 million each when the estate is settled.

Total value = $ 1.75 million (approx as per Tab # 2)) + $ 1.3 million (mother's home) = $ 2.05 million

Total Donation (Tab#1) = $ 0.4 million

Remaining ( for four children) = $ 1.65 million (for four children)

hence, Mrs. Lands's four children will receive less than $1 million each when the estate is settled

NO is the correct answer



B. The total estate is valued at more than $3 million.

Total value = $ 1.75 million (approx as per Tab # 2)) + $ 1.3 million (mother's home) = $ 2.05 million


NO is the correct answer


C. Mrs. Lands had more than three sources of investment income at the time of her retirement.

Mrs. Lands had five sources of investment income (as per Tab # 2) , besides the home.


YES is the correct answer
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Official Explanation

Statement 1: The total value of the estate is $3,169,000. Mrs. Lands made significant contributions to several charities in her will, pushing the total value to just under $3 million, which must be divided between her four children. They will receive less than $1 million each.

Statement 2: The total value of the estate is $3,169,000. This is found by adding the value of all of Mrs. Lands's liquid assets together, along with the value of her domicile.

Statement 3: Mrs. Lands did have more than three sources of investment income at the time of her death, but the documents of her will and estate do not specify when the investments were made, so it cannot be assumed that she had them at the time of her retirement.
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Hello Everyone!

OA to this question is:

No, Yes, and No

Official explanation is also posted.
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Sajjad1994 explanation for third is not at all clear. If she had more than three sources till death then we have the answer . How will time of investments made help??? And when did she have the estate and liquid assets - isn’t it from her will time to death? So if that’s the case then anyway we know that she had more than 3

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Sajjad1994 explanation for third is not at all clear. If she had more than three sources till death then we have the answer . How will time of investments made help??? And when did she have the estate and liquid assets - isn’t it from her will time to death? So if that’s the case then anyway we know that she had more than 3

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Hi Elite097

Let me see if i can explain. Suppose Mrs Shirley Lands was 75 years old. Till 75, she did not have any liquid assets except savings account. It was a month of January. She decided to invest in stocks, life insurance and other liquid assets. She invested on 15th of January. Then she died exactly 10 minutes after or other day(i am being ruthless, sorry for that, but i suppose this is what explanation meant). As a result, her Will did not get updated and main part, we don't know what time investments were made. So there is a possibility that she could have enjoyed retirement benefits or she could not have(so pity of her).

I assume this what the explanation by Sajjad1994 meant. Let me know if it's clear.
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I dont agree with third one , Even real estate is an investment , the value has appreciated and it wont be sold less than 1.3 million dollars .
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rmahe11
I dont agree with third one , Even real estate is an investment , the value has appreciated and it wont be sold less than 1.3 million dollars .
The third statement is not about value but rather time. We don't know the date of her investments, and this is enough to say that we cannot infer this information, and the answer is No.
 
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