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Q.How do you Determine the gross value of an Estate?
A.In California, certain items are excluded from the calculation of a probate estate. Some of these are:
- Property held in joint tenancy;
- Property held as community property with right of survivorship;
- Half of all other community property;
- Life insurance and death benefits (assuming that beneficiaries other than the estate are named);
- Real property outside of California;
- All motor vehicles; and
- IRAs and 401Ks with named beneficiaries and Paid On Death accounts.
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