Power of attorney

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

c. Codicil

d. Living will

  1. A _ trust, the grantor is no longer the owner of the assets in the trust disabled

a. Living

b. Revocable living

c. Irrovocable living

d. Non of the abovel

  1. Which of the following is not true regarding estate taxes?

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

  1. Which of the following situaitons would NOT constitute a transfer that comes within the gift tax statues?

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.

  1. A living trust is one in which the grantor creates an inter vivos trust that is funded with part of all of the grantor’s property.

a. True

b. False

  1. Which of the following transfers qualify for the unlimited marital deduction?

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

  1. The generation-skipping transfer tax (GSTT) is in addition to the unified gift and estate tax and is designed to tax large transfers tht skip a generation (i.e. from grandparent to grandchile). The purpose of the tax is to collect potentially lost tax dollars from the skipped generation. Which of the following transfers qualify for the unlimited marital deduction.

a. True

b. False

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