Estate Planning Flashcards
1
Q
What is filed on a Rights and Things return?
A
Things owed to the taxpayer prior to death (vacation pay, dividends declared before death but not paid, bond interest not paid, salary/commission not paid
2
Q
Is a POA allowed to pay themselves?
A
Yes, they can pay themselves a reasonable amount for work done.
3
Q
Can POAs pay new gifts?
A
No, they may only pay gifts that were ongoing prior.
4
Q
Are assets held in trust at time of death subject to probate?
A
No
5
Q
Are seg funds subject to probate?
A
No
6
Q
Giftover provisions
A
Per capital & Per stirpes
7
Q
Ademption
A
When property gifted in a will is not in the estate’s possession at the time of testator’s death
8
Q
Abatement
A
When property gifted in a will is only partially in the estate’s possession at testator’s death
