FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 2: Estate Planning

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 21

True/False

Review LaterAdd Note

Review Later

The estate planner must establish and make clear the client's residence.

A) True
B) False

Correct Answer

verified

Show Answer

Question 22

Multiple Choice

Review LaterAdd Note

Review Later

This type of trust can be created to protect the interests of the beneficiaries who might spend trust funds unwisely.

A) A QTIP trust
B) A dynasty trust
C) A charitable trust
D) A spendthrift trust

E) All of the above
F) A) and B)

Correct Answer

verified

Show Answer

Question 23

True/False

Review LaterAdd Note

A donee is a person making a gift to another or giving another person power to do something.

Insurance that provides lifetime protection, builds up a cash surrender value, and must be paid for life is

Under federal tax law, a qualified disclaimer must be

A special power of appointment limits the appointment of property to a specified class of persons named by the donor.

Under the split-gift provision of the Internal Revenue Code, two parents of three children can give to the children tax free each year as much as

Limited payment life insurance has a cash surrender value.

The main purpose of all family estate planning is to obtain the maximum benefits of principal and income for the family and to pass on the family property intact.

The tools available to the estate planner are limited to wills, trusts, gifts, insurance, and powers of appointment.