Exam 2: Estate Planning

When dealing with property titling, what deals with property that has been acquired by the efforts of either spouse during their marriage while living in a community property state?

According to the Certified Financial Planner Board of Standards, Inc. who is to explain to clients the estate planning process?

Smith received documents that discuss the issues of Testate succession and Interstate succession that has him confused. What is this document about?

Betsy's husband just died. After 45 years of marriage she isn't very upset. But she is concerned that her stepchildren from his prior marriage will force her to sell the house they bought their first year of marriage to get a portion of the sale price. What is true of Betsy's situation?

Which of the following is considered a traditional relationship?

What is true of split gifts?

Which of the following is NOT a source of estate liquidity?

Atticus just refused a broken down mansion due to the amount of work it needs. Now the original estate plan needs changing. What is the best option for post-mortem estate planning in this situation?

Marsha wants to a trust in which the management and distributions of terms are very detailed and would override any authority over trust property. What would be her best option?

There are no amounts of property that may qualify for the marital deduction; however at the death of the husband the wife was given other property. The interest of the property transferred to another. What is governs this situation?

What is true of pooled income funds?

What does the transfer of property to an irrevocable trust usually results in?

Carter needs a will written but he doesn't want to deal with all the standard formalities of witnesses - he has no friends. What type of will is best suited for Carter?

William and Bill jointly own a business. William hates Bill and had decided to sell his share of the business to Bill to avoid seeing him daily. However, he is concerned about gift taxation and their buy-sell agreement. Under what condition would there be owed taxes?

Sheila was is 96 years old and paid-off her mortgage 60 years ago. The price of the house was a whopping $23,000. The date of death is used for valuation purposes. At this time, if Sheila gifts her house to her grandson, what method would be used to determine federal transfer taxes?

What is the distinguishing feature of charitable lead trusts?

What is true of IRC Section 2056 (d)?

Installment notes are transfer techniques that provide for payment of the purchase price over a period of years. What triggers a self-canceling installment note?

What type of spouse does not qualify for the unlimited marital deduction?

Joe doesn't want to be worried with issues concerning his estate and rather have someone else make decisions concerning the property. What does Joe need?