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Which of the following statements concerning marital transfers to a non-U.S. citizen spouse is (are) correct?
Which of the following statements concerning marital transfers to a non-U.S. citizen spouse is (are) correct? l. A marital deduction is automatically available as long as property is transferred outright to the non-citizen spouse. Il. A marital deduction is automatically available if the transferor-decedent spouse is a U. S. citizen.A...
Which of the following types of partial interests in property may be allowed a charitable deduction for estate tax purposes?
Which of the following types of partial interests in property may be allowed a charitable deduction for estate tax purposes? l. A remainder interest in the donor vacation home ll. A testamentary gift of a percentage of a decedent entire interest in property held in trustA . l onlyB ....
All the following statements concerning a typical pour-over trust are correct EXCEPT:
All the following statements concerning a typical pour-over trust are correct EXCEPT:A . Properly drawn, it eliminates the need to file a federal estate tax return.B . The trust is created during the life time of the grantor.C . It is a device to consolidate all a decedent’s assets to...
Which of the following statements concerning a simple trust is correct?
Which of the following statements concerning a simple trust is correct?A . Income and principal may be distributed to a qualified charily.B . It receives a special tax deduction for income distributed to its beneficiaries.C . Income is accumulated at the discretion of the trustee.D . It limits the number...
Which of the following powers retained by the grantor of the trust will cause all or a portion of the trust assets to be includible in his gross estate for federal estate tax purposes?
A man established and funded an irrevocable trust and named a bank as trustee. All income from the trust is to be paid to his four grandchildren. Which of the following powers retained by the grantor of the trust will cause all or a portion of the trust assets to...
Which of the following statements concerning guardians is (are) correct?
Which of the following statements concerning guardians is (are) correct? l. A guardian is appointed by a court. Il. A guardian holds equitable title to the property he administers for his or her ward.A . l onlyB . II onlyC . Both l and llD . Neither I nor IIView...
Which of the following life insurance settlement options will qualify for the federal estate tax marital deduction?
Which of the following life insurance settlement options will qualify for the federal estate tax marital deduction? l. Proceeds left to the surviving spouse under the interest option, with interest payable to the surviving spouse who has the unrestricted right to withdraw proceeds and with any proceeds not withdrawn payable...
Which of the following statements concerning certain types of property interests is (are) correct?
Which of the following statements concerning certain types of property interests is (are) correct? I. The person or entity who has title to the property is the legal owner of the property. II. The person who has the right to all income earned on the property is the beneficial or...
In which of the following situations will the grantor be taxed on income from trust property.
In which of the following situations will the grantor be taxed on income from trust property. l. The grantor of a trust gives one of the trust beneficiaries the right to add or delete beneficiaries. ll. An adverse party to the grantor holds the power to determine the timing to...
From the standpoint of providing federal income, gift, and estate tax savings, which of the following would be the best choice of trustee?
A man is planning to establish and fund a 20-year irrevocable trust for the benefit of his two sons, aged 19 and 22, and plans to give the trustee power to sprinkle trust income. From the standpoint of providing federal income, gift, and estate tax savings, which of the following...
