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.
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Correct Answer:
A
Q: 2
Under the terms of his will, a man left his residuary estate to a testamentary trust for the benefit of
his wife. Which of the following powers with respect to the trust will cause the entire trust principal
to be includible in the gross estate of the widow for federal estate tax purposes?
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Correct Answer:
C
Q: 3
Examples of terminable interests that are nondeductible for the federal estate tax marital deduction
include which of the following?
l. A property interest that would pass to someone else if the surviving spouse remarries
ll. A life estate in property that would pass to another person at the death of the surviving spouse
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Correct Answer:
C
Q: 4
Which of the following areas of consideration present common ethical issues for the estate planner?
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Correct Answer:
D
Q: 5
All the following trust provisions avoid causing the inclusion to an irrevocable life insurance trust in
an insured’s gross estate EXCEPT:
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Correct Answer:
A
Q: 6
Which of the following are ways of passing property from a deceased spouse to a surviving spouse so that the properly will qualify for the federal estate tax marital deduction? I. When the surviving spouse receives the property by electing to take against the deceased spouse’s will ll. When the surviving spouse receives the property as a consequence of the qualified disclaimer of another beneficiary
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Correct Answer:
C
Q: 7
A widow made the following cash gifts during the current year:
Donee Amount of Gift
A qualified charity $40000
A close friend 30,000
Her sister 5,000
Her daughter 15,000
Her brother 10,000
The total amount of the taxable gifts made this year was
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Correct Answer:
A
Q: 8
All the following statements concerning the ownership of real property as joint tenants with right of
survivorship are correct EXCEPT:
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Correct Answer:
B
Q: 9
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:
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Correct Answer:
C
Q: 10
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 of trust distributions to
the beneficiaries.
