Deck 19: Accounting for Estates and Trusts

Question 1

IS THIS REALLY AN ASSET
Robert Sweingart died during July 2011 at the age of 101.He had outlived many of his relatives, including the person named in his will as executor of his estate.Thus, the probate court selected the decedent's nephew Timothy J.Lee, as administrator.Lee promptly began his duties including reading the will and taking an inventory of Sweingart's properties.Although the will had been written in 1982, Lee could see that most of the provisions would be easy to follow.Sweingart had made a number of specific and demonstrative legacies that could simply be conveyed to the beneficiaries.The will also include a $20,000 general legacy to a local church with a residual legacy to a well-known charity.Unfortunately, after all other legacies were distributed, the estate would have only about $14,000 cash.
One item in the will concerned the administrator.Sweingart had made the following specific legacy: "I leave my collection of my grandfather's letters which are priceless to me, to my cousin, William." Lee discovered the letters in a wall safe in Sweingart's home.About 40 letters existed, all in excellent condition.They were written by Sweingart's grandfather during the Civil War and described in vivid detail the Second Battle of Bull Run and the Battle of Gettysburg.Unfortunately, Lee could find no trace of a cousin named William.He apparently had died or vanished during the thirty-five year period since the will was written.
Lee took the letters to two different antique dealers.One stated, "A museum that maintains a Civil War collection would love to have these.They do a wonderful job of explaining history.But a museum would not pay for them.They have no real value since many letters written during this period still exist.I would recommend donating them to a museum."
The second dealer took a different position: "I think if you can find individuals who specialize in collecting Civil War memorabilia they might be willing to pay a handsome price especially if these letters help to fill out their collections.A lot of people in this country are fascinated by the Civil War.The number seems to grow each day.The letters are in great condition.It would take some investigation on your part, but they could be worth a small fortune."
Lee now has to prepare an inventory of his uncle's property for probate purposes.How should he report these letters What should Lee do next with the letters in order to meet his fiduciary obligation(s) to the estate and the beneficiaries

Answer 1

Fulfilling the instructions found in a will is not always an easy task.In this case, the will contains a specific legacy: letters written by the decedent's grandfather were to be given to a cousin.Perhaps the decedent intended for this property to be retained by a family member.However, the cousin cannot now be located.Moreover, sufficient cash does not exist to satisfy a general cash legacy of $20,000 that remains.Normally, a sale of the letters would be ordered to help resolve this cash shortage but differing opinions exist as to the value of the property.Finding a buyer (if one can be located) may take a considerable amount of time and energy.How should the administrator report these letters and what should be done
The administrator should begin by contacting an attorney to learn of the specific probate laws of the state in which the estate is located.For reporting purposes, the letters should be listed on a charge and discharge statement but with no dollar value attached.They must, however, be identified as an asset of the estate.With any property of this type, no true worth can be determined until a legitimate offer to purchase is made.Thus, to report a value without any prospect of a buyer could be misleading and could even result in the imposition of a transfer or inheritance tax.
The administrator will probably need to confer with representatives of the local church (which is entitled to the $20,000 general legacy) as well as with any parties who are to receive residual amounts from the estate.If the letters are clearly worth less than $6,000, church officials may opt to take the letters in hopes of eventually locating a future buyer.Conversely, if the letters might be worth more than $6,000 (so that a residual legacy may be left), the administrator may have to convey the letters to a dealer with the order to liquidate the property so that the distribution of the estate can be concluded.
This discussion question identifies one of many situations in which an administrator should obtain the services of a qualified professional - an attorney, or other experienced estate representative

Question 2

How are claims against a decedent's estate discovered by an executor
a.Public notice must be printed in an appropriate newspaper to alert all possible claimants.
b.The executor waits for nine months until all possible bills have been received.
c.The executor directly contacts all companies that the decedent did business with.
d.Claims the estate is to pay are limited to all of the bills received but not paid prior to the date of death.

Answer 2

Claims against the decedent: Upon death creditors should be given sufficient time to allow them to file claims against the estate and public notice must be issued at least once a day for three weeks.This gives creditors enough time to make a claim against the estate to collect their debts.The laws in most of the states also specify that the claims must be presented within four months of the first of these notices.
Therefore, the best choice is A.
This proves answer B wrong.The executor verifies the validity of these claims that are brought against the estate and does not contact the creditors initially, proving answer C wrong.
All claims are labeled by priority so that the estate funds cover the serious debts first and if insufficient funds are available, then the executor must liquidate all undesignated assets.This proves answer D wrong.

Question 3

For estate tax purposes, what date is used for valuation purposes
a.Property is always valued at the date of death.
b.Property is always valued at the date of distribution.
c.Property is valued at the date of death unless the alternate date, which is the date of distribution or six months after death, whichever comes first, is selected.
d.Property is valued at the date of death although a reduction is allowed if the value declines within one year of death.

Answer 3

Estate property can be valued at the date of death or an alternative date.The executor or administrator has the authority to choose an alternative date of six (6) months after death for reduction of estate taxes.Any federal estate tax process starts at the date of death or at the six-month alternative date.
Therefore, the best choice for the answer is C.
Thus, answers A, B, and D are wrong.

Question 4

The executor of an estate is filing an income tax return for the current period.Revenues of $12,000 have been earned.Which of the following is not a deduction allowed in computing taxable income
a.Income distributed to a beneficiary.
b.Funeral expenses.
c.A personal exemption.
d.Charitable donations.

Question 5

Define each of the following terms:
a.Will.
b.Estate.
c.Intestate.
d.Probate laws.
e.Trust.
f.Inter vivos trust.
g.Charitable remainder trust.
h.Remainderman.
i.Executor.
j.Homestead allowance.

Question 6

Use an Internet search engine to locate an explanation of the benefits of a grantor retained annuity trust.
Required
Write a memo describing the circumstances that would make this type of trust most advantageous.

Question 7

At what value are the assets within an estate reported

Question 8

How is the federal estate tax computed

Question 9

What is the alternate date for valuing the assets of an estate When should this alternate date be used

Question 10

Why is the distinction between principal and income so important in accounting for most trusts

Question 11

Which of the following is not a true statement
a.Testate refers to a person having a valid will.
b.The laws of descent convey personal property if an individual dies without a valid will.
c.Intestate refers to a person having no valid will.
d.A specific legacy is a gift of personal property that is specifically identified.

Question 12

Why are claims against an estate put into an order of priority
a.To help the executor determine the due date for each claim.
b.To determine which claims are to be paid if funds are insufficient to pay all claims.
c.To assist in determining which specific assets are to be used to satisfy these claims.
d.To list the claims in order of age so that the oldest can be paid first.

Question 13

Which of the following is true concerning the Economic Growth and Tax Relief Reconciliation Act of 2001
a.This tax law leads to the immediate elimination of the federal estate tax.
b.This tax law leads to the immediate elimination of the federal gift tax.
c.This tax law provides for a $3.5 million tax-free exemption for estates created in 2009.
d.This tax law leads to the immediate elimination of the generation-skipping tax.

Question 14

What is a remainderman
a.A beneficiary that receives the principal left in an estate or trust after a specified time.
b.The beneficiary of the decedent's life insurance policy.
c.An executor or administrator after an estate has been completely settled.
d.If a legacy is given to a group of people, the remainderman is the last of the individuals to die.

Question 15

Answer each of the following questions:
a.What are the objectives of probate laws
b.What tasks does the executor of an estate perform
c.What assets are normally included as estate properties
d.What claims have priority to the distributions made by an estate

Question 16

Distinguish between testate and intestate.

Question 17

If an asset of an estate has no readily ascertainable fair value, how should it be presented/valued on the charge/discharge statement

Question 18

What was the impact of the Economic Growth and Tax Relief Reconciliation Act of 2001 on the conveyance of property

Question 19

In the initial accounting for an estate, why does the executor record only the assets

Question 20

The will of Josh O'Brien has the following stipulations:
Antique collection goes to Ilsa Lunn.
All money in the First Savings Bank goes to Richard Blaine.
Cash of $9,000 goes to Nelson Tucker.
All remaining assets are put into a trust fund with the income going to Lucy Van Jones.At her death, the principal is to be conveyed to Howard Amadeus.
Identify the following:
a.Remainderman.
b.Trustor.
c.Demonstrative legacy.
d.General legacy.
e.Specific legacy.
f.Life tenant.
g.Testator.

Question 21

The CPA firm of Simon, Winslow, and Tate has been approached by a client who is interested in information about the possibility of establishing a minor's Section 2503(c) trust.
Go to the website http://www.finaid.org/savings/2503ctrust.phtml.Alternatively, use an Internet search engine to find other analyses of a Section 2503(c) trust.
Required
Based on the results of this search, write a memo for the client outlining the requirements, design, advantages, and disadvantages of a minor's Section 2503(c) trust so the client can make an informed decision.

Question 22

Which of the following claims against an estate does not have priority
a.Funeral expenses because the amounts incurred are usually at the discretion of family members.
b.Medical expenses associated with the decedent's last illness.
c.The costs of administering the estate.
d.Unpaid rent on the decedent's home if not paid for the three months immediately prior to death.

Question 23

In computing federal estate taxes, deductions from an estate's value are allowed for all of the following except a.Charitable bequests.
B)Losses on the disposal of investments.
C)Funeral expenses.
D)Debts of the decedent.

Question 24

In an estate, which of the following is charged to income rather than to principal a.Funeral expenses.
B)Investment costs.
C)Property taxes.
D)Losses on the sale of investments.

Question 25

Marie Hardy's will has the following provisions:
"I leave the cash balance deposited in the First National Bank (up to a total of $50,000) to Jack Abrams.I leave $18,000 cash to Suzanne Benton.I leave 1,000 shares of Coca-Cola Company stock to Cindy Cheng.I leave my house to Dennis Davis.I leave all of my other assets and properties to Wilbur N.Ed."
a.Assume that the estate has the following assets: $41,000 cash in the First National Bank, $16,000 cash in the New Hampshire Savings and Loan, 800 shares of Coca-Cola stock, 1,100 shares of Xerox stock, a house, and other property valued at $13,000, What distributions will be made from this estate
b.Assume that the estate has the following assets: $55,000 cash in the First National Bank, $6,000 cash in the New Hampshire Savings and Loan, 1,200 shares of Coca-Cola stock, 600 shares of Xerox stock, and other property valued at $22,000.What distributions will be made from this estate

Question 26

A law firm is preparing to file a federal estate tax return (Form 706).The estate's executor has elected to use the alternate valuation date.The partner in charge of filing this return is not certain about all of the ramifications of having chosen to use this alternate date.
Go to the website www.irs.gov.Do a search for "Instruction 706" to get the instruction information published by the IRS for federal estate taxes.
Required
Read the information provided, and write a memo to the partner outlining the information the IRS provides as to the significance of the alternate valuation date.

Question 27

How does an executor discover the claims against an estate

Question 28

What is a taxable gift

Question 29

What is the purpose of the charge and discharge statement that the executor of an estate issues

Question 30

Zac Peterson's estate reports the following information: What is the taxable estate value

Question 31

Why might real estate be omitted from an inventory of estate property
a.Real estate is subject to a separate inheritance tax.
b.State laws prohibit real property from being conveyed by an estate.
c.State laws require a separate listing of all real estate.
d.In some states, depending on the ownership, real estate is considered to be conveyed directly to a beneficiary at the time of death.

Question 32

How does a devise differ from a legacy
a.A devise is a gift of money and a legacy is a nonmonetary gift.
b.A devise is a gift to an individual and a legacy is a gift to a charity or other organization.
c.A devise is a gift of real property and a legacy is a gift of personal property.
d.A devise is a gift made prior to death and a legacy is a gift made at death.

Question 33

The following individuals died in 2009.The estate of John Lexington has a taxable value of $2,590,000.The estate of Dorothy Alexander has a taxable value of $2.9 million.The estate of Scotty Fitzgerald has a taxable value of $4.6 million.None of these individuals made any taxable gifts during their lifetimes.Which of the following statements is true
a.Only Fitzgerald's estate will have to pay federal estate taxes.
b.All three of the estates will have to pay federal estate taxes.
c.None of these estates is large enough to necessitate the payment of estate taxes.
d.Only the estates of Alexander and Fitzgerald are large enough to necessitate the payment of estate taxes.

Question 34

In recording the transactions of an estate, when are liabilities recorded
a.When incurred.
b.At the date of death.
c.When the executor takes responsibility for the estate.
d.When paid.

Question 35

Donna Stober's estate has the following assets (all figures approximate fair value):
The house, cash, and other assets are left to the decedent's spouse.The investment land is contributed to a charitable organization.The automobiles are to be given to the decedent's brother.The investments in stocks and bonds are to be put into a trust fund.The income generated by this trust will go to the decedent's spouse annually until all of the couple's children have reached the age of 25.At that time, the trust will be divided evenly among the children.
The following amounts are paid prior to distribution and settlement of the estate: funeral expenses of $20,000 and estate administration expenses of $10,000.
a.What value is to be reported as the taxable estate for federal estate tax purposes
b.How does the year in which an individual dies affect the estate tax computation For example, what is the impact of dying on December 30, 2008, versus January 2, 2009, or December 30, 2009, versus January 2, 2010

Question 36

If a person dies without leaving a valid will, how is the distribution of property regulated

Question 37

What claims against an estate have priority

Question 38

Why is the establishment of a credit shelter trust fund considered a good estate planning technique

Question 39

What is a trust fund

Question 40

During 2010, an estate generated income of $20,000:
The interest income is conveyed immediately to the beneficiary stated in the decedent's will.Dividends of $1,200 are given to the decedent's church.
What amount of federal income tax must this estate pay

Question 41

A staff employee for the CPA firm of O'Brien, Leahy, and Sweeney is currently preparing Form 1041 as an income tax return for an estate.The staff employee knows that the estate is allowed a deduction for income distributions to beneficiaries up to the amount of the estate's distributable net income (DNI) for the period.However, the employee is not certain how to compute the exact amount of this deduction.
Go to the website www.irs.gov.Do a search for "Instruction 1041" to get the instruction information for estate and trust income taxes published by the IRS.
Required
Read the information provided, and write a memo to the employee explaining (in general terms) how to calculate this deduction.

Question 42

What is the homestead allowance
a.A reduction of $20,000 in estate assets prior to computing the amount of federal estate taxes.
b.The amount of property conveyed in a will to a surviving spouse.
c.An allotment from an estate to a surviving spouse and/or minor and dependent children before any claims are paid.
d.A decrease in the value of property on which state inheritance taxes are assessed.The reduction is equal to the value of property conveyed to a surviving spouse.

Question 43

Sally Anne Williams died on January 1, 2009.All of her property was conveyed to several relatives on April 1, 2009.For federal estate tax purposes, the executor chose the alternate valuation date.On what date was the value of the property determined
a.January 1, 2009.
b.April 1, 2009.
c.July 1, 2009.
d.December 31, 2009.

Question 44

What is the difference between a testamentary trust and an inter vivos trust
a.A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals.
b.A testamentary trust is created by a will; an inter vivos trust is created by a living individual.
c.A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party.
d.A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.

Question 45

The executor of Rose Shield's estate listed the following properties (at fair value): a.Prepare journal entries to record the property held by Ms.Shield's estate and then each of the following transactions that occur in the months following the decedent's death:
(1) Claims of $80,000 are made against the estate for various debts incurred before the decedent's death
(2) Interest of $12,000 is received from bonds held by the estate.Of this amount, $5,000 had been earned prior to death.
(3) Ordinary repairs costing 56,000 are made to the rental property.
(4) All debt s ($80,000) are paid.
(5) Stocks recorded in the estate at $16,000 are sold for $19,000 cash.
(6) Rental income of $14,000 is collected.Of this amount.$2,000 had been earned prior to the decedent's death.
(7) Cash of $6,000 is distributed to Jim Arness, an income beneficiary.
(8) The proceeds from the life insurance policy are collected and the money is immediately distributed to Amanda Blake as specified in the decedent's will.
(9) Funeral expenses of $10,000 are paid.
b.Prepare in proper forma charge and discharge statement.

Question 46

What is the purpose of the laws of distribution
a.To guide the distribution of personal property when an individual dies without a will.
b.To verify the legality of a will, especially an oral will.
c.To guide the distribution of real property when an individual dies without a will.
d.To outline the functions of the executor of an estate.

Question 47

What are homestead and family allowances

Question 48

What deductions are allowed in computing estate income taxes

Question 49

Why have trust funds become especially popular in recent years

Question 50

The executor of Gina Purcell's estate has recorded the following information Debts of $17,000 still remain to be paid.The Dell shares have been conveyed to the appropriate beneficiary.Assume that Ms.Purcell's will stated that all executor fees are to be paid from principal.
Prepare an interim charge and discharge statement for this estate.

Question 51

What are probate laws

Question 52

Which of the following is a specific legacy
a.The gift of all remaining estate property to a charity.
b.The gift of $44,000 cash from a specified source.
c.The gift of $44,000 cash.
d.The gift of 1,000 shares of stock in IBM.

Question 53

Wilson Waltman died on January 1, 2009.All of his property was conveyed to beneficiaries on October 1, 2009.For federal estate tax purposes, the executor chose the alternate valuation date.On what date was the value of the property determined
a.January 1, 2009.
b.July 1, 2009.
c.October 1, 2009.
d.December 31, 2009.

Question 54

Which of the following is a charitable lead trust
a.The income of the trust fund goes to an individual until death, at which time the principal is conveyed to a charitable organization.
b.Charitable gifts are placed into the trust until a certain dollar amount is achieved and is then transferred to a specified charitable organization.
c.The income of a trust fund goes to a charitable organization for a specified time with the principal then being conveyed to a different beneficiary.
d.A charity conveys money to a trust that generates income for the charity's use in its various projects.

Question 55

Jerry Tasch's will has the following provisions:
• $150,000 in cash goes to Thomas Thorne.
• All shares of Coca-Cola go to Cindy Phillips.
• Residence goes to Kevin Simmons.
• All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri.
Prepare journal entries for the following transactions:
a.Discovered the following assets(at fair value): b.Collected interest of $7,000.
c.Paid funeral expenses of $20,000.
d.Discovered debts of $40,000.
e.Located an additional savings account of $ 12,000.
f.Conveyed title to the residence to Kevin Simmons,
g.Collected life insurance policy.
h.Discovered additional debts of $60,000.Paid debts totaling $100,000.
i Conveyed cash of SI5O,ooo to appropriate beneficiary.
j.Sold the shares of Polaroid for $112,000.
k.Paid administrative expenses of $10,000.

Question 56

A client, Beth Voga, asks for advice.She tells you that her grandmother, a widowed resident of Montana, has no will.She asks whether any portion of her grandmother's estate will pass to her (Beth's) cousins, whom her grandmother despises.
Required
Use an Internet search engine to locate the Montana version of the Uniform Probate Code.Then briefly advise Ms.Voga, answering her specific question.Also advise her on the necessity of a will for her grandmother.

Question 57

What are the differences among a devise, a legacy, and a bequest

Question 58

Other than financial considerations, why should individuals consider preparing a valid will

Question 59

What is an inter vivos trust

Question 60

After the death of Lennie Pope.His will was read.It contained the following provisions:
• $110,000 in cash goes to decedent's brother, Ned Pope.
• Residence and other personal property go to his sister, Sue Pope.
• Proceeds from the sale of Ford stock go to uncle, Harwood Pope.
• $300,000goesinto a charitable remainder trust.
• All other estate assets are to be liquidated with the cash going to Victoria Jones.
a.Prepare journal entries for the following transactions that subsequently occur:
(1) Discovered the following assets (at fair value): (2) Collected life insurance policy.
(3) Collected dividends of $4,000.
(4) Discovered debts of $71,000.
(5) Conveyed title to the residence 10 Sue Pope along with the decedent's personal effects.
(6) Discovered title to land valued at $15,000.
(7) Discovered additional debts of $37,000.Paid all of the debts totaling.$108,000.
(8) Paid funeral expenses of $31,000.
(9) Conveyed cash of $110,000 to Ned Pope.
(10) Sold the shares of Ford for $81,000.
(11) Paid administrative expenses of $16,000.
(12) Made the appropriate payment to Harwood Pope.
b.Prepare a charge and discharge statement.

Question 61

A deceased individual owned a bond.Which of the following is included in the estate principal
a.All interest collected prior to distributing the bonds to a beneficiary is considered part of the estate principal.
b.Only the first cash payment after death is included in the estate principal.
c.Interest that was not collected prior to death is excluded from the estate principal.
d.Interest earned prior to death is considered part of the estate principal even if received after death.

Question 62

A will has the following statement: "I leave $20,000 cash from my savings account in the Central Fidelity Bank to my sister, Angela." This gift is an example of
a.A residual legacy.
b.A general legacy.
c.A demonstrative legacy.
d.A specific legacy.

Question 63

Which of the following is not true concerning gift taxes
a.Gift taxes will not be abolished but a lifetime exclusion of $1 million is created.
b.The Economic Growth and Tax Relief Reconciliation Act of 2001 will eventually eliminate the federal gift tax.
c.Historically, gift taxes and estate taxes have been linked through a unified transfer credit.
d.Gift taxes are different from generation-skipping taxes.

Question 64

The estate of Nancy Hanks reports the following information: What is the taxable estate value
a.$70,000.
b.$100,000.
c.$180,000.
d.$420,000.

Question 65

James Albemarle created a trust fund at the beginning of 2010.The income from this fund will go to his son Edward.When Edward reaches the age of 25, the principal of the fund will be conveyed to United Charities of Cleveland.Mr.Albemarle specified that 75 percent of trustee fees are to be paid from principal.Terry Jones, CPA, is the trustee.
Prepare all necessary journal entries for the trust to record the following transactions:
a.James Albemarle transferred cash of $300,000, stocks worth $200,000, and rental property valued at $150,000 to the trustee of this fund.
b.Immediately invested cash of $260,000 in bonds issued by the U.S.government.Commissions of $3,000 are paid on this transaction.
c.Incurred permanent repairs of $7,000 so that the property can be rented.Payment is made immediately.
d.Received dividends of $4,000.Of this amount, $1,000 had been declared prior to the creation of the trust fund.
e.Paid insurance expense of $2,000 on the rental property.
f.Received rental income of $8,000.
g.Paid $4,000 from the trust for trustee services rendered.
h.Conveyed cash of $5,000 to Edward Albemarle.

Question 66

What are the objectives of probate laws

Question 67

Describe the four types of legacies, and give examples of each.

Question 68

In accounting for an estate or trust, how is the distinction between principal and income determined

Question 69

What is a testamentary trust

Question 70

Henry O'Donnell created an inter vivos trust fund.He owns a large department store in Higgins.Utah.He also owns a tract of land adjacent to the store used as an extra parking lot when the store is having a sale and during the Christmas season.O'Donnell expects the land to appreciate in value and eventually be sold for an office complex or additional stores.
O'Donnell places this land into a charitable lead trust, which will hold the land for 10years until O'Donnell's son is 21.At that time, title will transfer to the son.The store will pay rent to use the land during the interim.The income generated each year from this usage will be given to a local church.The land is currently valued at $320,000.
During the first year of this arrangement, the trustee records the following cash transactions: Prepare all journal entries for this trust fund including the entry to create the trust.

Question 71

Which of the following is not a goal of probate laws
a.To gather and preserve all of the decedent's property.
b.To ensure that each individual produces a valid will.
c.To discover the decedent's intent for property held at death and then to follow those wishes.
d.To carry out an orderly and fair settlement of all debts and distribution of property.

Question 72

What is the objective of the process of abatement
a.To give legal structure to the reductions that must be made if an estate has insufficient assets to satisfy all legacies.
b.To ensure that all property distributions take place in a timely manner.
c.To provide adequate compensation for the estate executor and any appraisers or other experts that must be hired.
d.To ensure that all legacies are distributed to the appropriate party as specified by the decedent's will or state laws.

Question 73

A married couple has written a will that leaves part of their money to a trust fund.The income from this trust will benefit the surviving spouse until death, with the principal then going to their children.Why was the trust fund created a.To reduce the estate of the surviving spouse and, thus, decrease the total amount of estate taxes to be paid by the couple.
B)To ensure that the surviving spouse is protected from lawsuits filed by the couple's children.
C)To give the surviving spouse discretion over the ultimate use of these funds.
D)To maximize the earning potential of the money because trust funds generate more income than other investments.

Question 74

An estate has the following income: The interest income was immediately conveyed to the appropriate beneficiary.The dividends were given to charity as per the decedent's will.What is the taxable income of the estate
a.$4,400.
b.$5,000.
c.$8,000.
d.$8,400.

Question 75

What are the responsibilities of the executor of an estate

Question 76

What is the purpose of the process of abatement How does the executor of an estate utilize this process

Question 77

What transactions are normally viewed as changes in the principal of an estate What transactions are normally viewed as changes in the income of an estate

Question 78

What are QTIP trusts, GRATs, and charitable remainder trusts