8 john doe 39 s will states that all assets he had should be transferred to a trust 4307291

8 john doe 39 s will states that all assets he had should be transferred to a trust 4307291

8) John Doe's will states that all assets he had should be transferred to a trust to cover living expenses for his spouse, who he feels will not be able to handle her own financial affairs without advice and supervision. Upon his spouse's passing, the trust will be converted to cash and distributed to their only daughter, Jane. The probate court already ruled on which assets could be excluded from the estate, and all tax issues were addressed, leaving the following inventory of assets from the estate:

Asset

Cost

Fair Value

Cash

206,000

206,000

Certificates of Deposit

250,000

250,000

Investments/Mutual Funds

354,116

2,780,500

Residence

34,000

190,000

Ocean front cottage

78,000

560,000

Pepper mill collection

2,070

3,900

Required:

Prepare the journal entry for the creation of the trust.

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