Estate Flashcards
1
Q
Deductions from Gross Estate to get to Adjusted Gross Estate
A
ABCDE
- Administrative Expenses
- Burial (Funeral expenses)
- Casualties (losses during administration)
- Debts of Decedent
- E (last medical expenses)
2
Q
Deductions from Adjusted Gross Estate to get to Taxable Estate
A
- Less unlimited charitable deduction
- less unlimited marital deduction
3
Q
Form 1040
A
Individuals Federal tax filing
4
Q
Form 1041
A
estate tax return
5
Q
Form 706
A
estate tax used to figure out estate tax due
6
Q
Form 709
A
gift tax used to figure out gift tax due
7
Q
Nuncupative Will
A
- oral will with two witness (valid in some states)
- usually includes personalty assets, not realty
8
Q
Holographic Will
A
- unattested will that is written and signed in the testator’s own handwriting
9
Q
Letters of Testamentary
A
- empowers executor to act as agent of probate court
10
Q
Surety bond
A
- bond that administrator must generally post
11
Q
Letters of Administration
A
- empowers administrator to act as agent of probate court
12
Q
A
