Securities account as joint tenants

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Reference no: EM131792130

Mark and Audrey are married and both in their 60’s. They have $1 million in a securities account as joint tenants with rights of survivorship. Mark starts to date Stephanie, a 20 year old woman. He gives Stephanie his interest in the account as a gift. Five years later, Audrey dies. Stephanie and Audrey’s sole surviving heir Joanne claim Audrey’s share of the account. Who wins and what are the policy reasons behind the controlling rule?

Reference no: EM131792130

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