Estate and Wealth Transfers 3 Various aspects of postmortem planning Flashcards
1
Q
Recognize the components of an estate plan that can be handled after a client’s death.
A
Disclaimers
2
Q
Evaluate the circumstances under which the timing of post mortem decisions can impact the estate tax bill.
A
3
Q
Use a disclaimer as an estate-planning tool in the following situations:
A
- To cure deficiencies in the existing estate plans;
- To reduce the size of a taxable estate;
- To increase the amount that will pass to others free of transfer tax;
- To create a QTIP trust;
- To fund the unified credit fully;
- To reduce GST tax;
- To create, enlarge, or reduce charitable donations;
- To salvage a defective marital bequest; and
- To avoid inadvertent termination of S corporation status by passing S
corporation stock to a nonqualified trust (i.e., one that has more than one
beneficiary)
