A __ is a legal documemnt created by indiviudals to specify their preferences if they become mentally or physically disabled
a. Power of attorney
b. Living trustr
d. Living will
b. Revocable living
c. Irrovocable living
d. Non of the abovel
a. They are dependent on the value of an estate
b. Any funds that are provided as a result of a life insurance policy are counted as part of the state for tax purposes
c. All the assets in an estae can be distributed tax-free to children or others
d. All of the above are truel
a. Robin creates a trust under the terms of which her daughter is to get income for life and her granddaughter the remainder at the daughter’s death.
b. Robbie purchases real propety and has the title conveyed to himslef an to his brother as joint tenants.
c. Randal creates an irrovocable trust giving inocme for life to his wife and providing that at her death the corpus is to be distributed to his son.
d. Ray purchases a U.S. savings bond made payable to himself and his wife, Raquel. Raquel cashes the bond to be used for her own benefit.
e. Rose creates a joint bank account for herself and her daugher. There have been no withdrawls from the account.
a. Outright bequest to resident alien spouse
b. Property passing to citizen spouse in QTIP
c. Income beneficiary of CRT is a nonresident alien spouse (trust is not a QDOT)
d. Outright bequest to resident spouse who, prior to the decedent’s death, was a noncitizen bu who after the decedent’s death and before the estate return was filed, became a U.S. citizen.
e. b and d
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