American College HS330 Exam Dumps

Which of the following statements concerning charitable guaranteed annuity interests is (are) correct?

l. To qualify for an estate tax charitable deduction, guaranteed annuity interests must be made in trust.

ll. These interests refer to the charity right to receive a determinable income amount at least annually for a specific term or life (lives) or one or more no charitable beneficiaries.

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Which of the following statements concerning state death taxes is correct?

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Mr. Barlow died early this year. Under the terms of his will he left all his real estate and tangible personal property to his son. All the remainder of his probate estate was left to his wife, Mrs. Barlow. The following is a list of Mr. Barlow's probate assets and their fair market values at the time of his death:

Commercial real estate $200,000

Furniture and fixtures 100,000

Listed common stock 150,000

Notes receivable 250,000

In addition, Mrs. Barlow owned a $400,000 life insurance policy on Mr. Barlow's life with Mr. Barlow's estate designated as beneficiary. Based on this information, what is the amount of property in Mr. Barlow's estate qualifying for the federal estate tax marital deduction?

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A man is planning to establish and fund an irrevocable trust for the benefit of his two sons, ages 19 and 22, and plans to give the trustee power to sprinkle trust income. From the standpoint of providing federal income, gift, and estate tax savings, which of the following would be a suitable trustee?

l. The grantor of the trust

II. The grantor's 22-year-old son

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The failure of an individual to have a will can result in which of the following?

1. The state will determine the disposition of the individual's probate estate.

2. The decedent's preference for a personal representative, guardian, and other fiduciary' roles may be ignored.

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