Exam 15: Preserving Your Estate

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse with no offspring?

Your gross estate is reduced by the ____ to determine the adjusted gross estate.

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for no spouse and no offspring but parents?

The appointment clause affirms that the will in question was really made out by the deceased.

The top federal gift and estate tax rate for 2015 is expected to be 40 percent.

If you die intestate,federal law dictates the disposition of your estate.

Tenancy of the entirety consists of

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Most estates are dissipated because the deceased had [an improper estate plan | no estate plan].

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -In most states,a valid will [must be written | can be oral or written].

Maxine's estate is worth $600,000.It will not be subject to federal estate taxes.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Legal title to the property in a trust is held by the [grantor | trustee].

To be "of sound mind" means that you

A trust is a means of transferring property.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -You could give an unlimited amount of assets to your [children | spouse] without incurring any gift taxes.

A "trustee" is also called

A will may be invalid if the testator was under undue influence of another person.

Those who could use trust services include all the following except

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for no spouse,no offspring,no parents,but generation?

Which of the following are requirements of a valid will?

The living will states