Exam 10: Estate Planning

A QTIP trust must:

The right of a beneficiary or heir to refuse a gift by will,trust,or inheritance without any adverse tax consequences

The least expensive form of life insurance,which provides pure protection without cash surrender or loan value

To qualify for the charitable deduction,a gift cannot be made to an):

As part of an estate plan,a will allows the testator to:

When it is designed appropriately,an estate plan should meet all the tesatator's objectives and provide him or her with a comfortable retirement income.

If a same-sex couple has a legally recognized civil union in their home state,they qualify for the federal marital deduction.

Which is NOT a major type of life insurance?

An estate created by operation of law and not directly by the parties themselves

Which of the following is a feature of a Charitable Remainder Annuity Trust?

Estate planning must always take place before the death of a testator.

The practice of gift splitting is available only between:

Estate administration expenses can be used as a deduction for estate tax purposes.

Which is NOT a common method of reducing the gross estate?

After it is established,an estate plan does not need to be reviewed again until the testator's death.

An unlimited amount of a decedent's gross estate that may be given to the surviving spouse without being subject to federal estate tax

A trust in which the settlor or named beneficiary can retain income from the trust,usually for life,and after death,the trust property goes to a qualified charity

The right to pass on an interest in property to whomever a donee chooses,including himself or herself,the estate,creditors,or creditors of the estate

Gifts of future interests do not qualify for the annual gift tax exclusion.

A practice available to spouses to join in annual gifts and combine their individual gifts to donees to avoid gift taxes