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All the following powers held by the grantor of an irrevocable trust will cause the trust assets to be brought back into the estate of the grantor EXCEPT the power to:
All the following powers held by the grantor of an irrevocable trust will cause the trust assets to be brought back into the estate of the grantor EXCEPT the power to:A . terminate the trustB . change the trust remainder personsC . add principal to the trustD . designate who...
Which of the following statements concerning the generation-skipping transfer tax (GSTT) on these gifts is (are) correct?
Alan, a widower, is a retired executive with substantial assets. He wishes to provide for the financial security of his two grandchildren since their father, Alan’s son, has always managed money poorly. This year Alan would like each grandchild to receive a substantial gift. Which of the following statements concerning...
What amount of the family property will be included in Mr. Allen’s gross estate for federal estate tax purposes?
A$40,000 bank account. Mr. and Mrs. Allen own the account jointly with the right of survivorship even though Mrs. Allen made all the deposits. What amount of the family property will be included in Mr. Allen’s gross estate for federal estate tax purposes?A . $220,000B . $400,000C . $500,000D ....
The failure of an individual to have a will can result in which of the following?
The failure of an individual to have a will can result in which of the following? l. The state will determine the disposition of the individual’s probate estate. ll. The decedent’s preference for a personal representative, guardian, and other fiduciary’ roles may be ignored.A . l onlyB . II onlyC...
Tax benefits of making life time gifts in excess of the gift tax annual exclusion include all the following
Tax benefits of making life time gifts in excess of the gift tax annual exclusion include all the following EXCEPT:A . The gift tax paid on a gift made more than 3 years prior to the death of the donor avoids inclusion the donor’s gross estate.B . Appreciation in the...
Which of the following statements concerning filing the federal estate tax return is (are) correct?
Which of the following statements concerning filing the federal estate tax return is (are) correct? l. The estate tax return must be filed within 9 months of death unless an extension is granted by the IRS. ll. For persons dying this year. an estate tax return must be filed for...
Which of the following statements concerning the estate tax value of assets included in this estate is correct?
An executor elects to value the assets of the estate at the alternative valuation date 6 months after death. Which of the following statements concerning the estate tax value of assets included in this estate is correct?A . An annuity included in the gross estate that diminishes with the mere...
Believing that his death was imminent, a widower gave his son some real estate two years ago, and
Believing that his death was imminent, a widower gave his son some real estate two years ago, and filed a timely gift tax return. The widower died on January 1st of this year. Additional facts are: Widower’s basis in the real estate $150,000 Value of real estate when gifted 400,000...
Assuming that the widower’s will provides for the distribution of his assets in equal shares to his children, per stripes, which of the following correctly states the amounts each descendant will receive?
A widower dies leaving a net probate estate of $300,000. At the time of his death, his descendants are as follows: A son, Joe, who has no children; A deceased daughter, Mary, whose two children, Irene and Sally, survive; and A daughter, Anne, who has one child, Harry Assuming that...
All the following statements concerning the generation-skipping transfer tax (GSTT) are correct
All the following statements concerning the generation-skipping transfer tax (GSTT) are correct EXCEPT:A . Tuition payments made by a grandparent directly to a university for a grandchild’s education are exempt from GSTT.B . Direct skip gifts by a grandparent of up to $11,000 can be made to each grandchild without...
