Estate Planning

Question 1

3-Year Gifts Included in Gross Estate

Answer 1

• Life Insurance Gifts
• Retained Interest Gifts
• Gift Taxes Paid

Question 2

Property Passing by Title Included in Gross Estate

Answer 2

• JTWROS
• Tenants by the Entirety
• POD
• TOD

Question 3

Property Passing by Contract Included in Gross Estate

Answer 3

• Beneficiary Designation
• Pre-Nup Agreements
• Post-Nup Agreements

Question 4

Other Properties Included in Gross Estate

Answer 4

• Decedent Had General Power of Appointment
• Title Revocable Living Trust

Question 5

Bybpass Trust (B-Trust)

Answer 5

• Receives assets from decedent’s estate up to the remaining applicable exemption amount
• Spouse can be given income and right to invade trust
• DOES NOT qualify for the Marital Deduction

Question 6

QTIP (C-Trust)

Answer 6

• Can receive decedent’s assets intended for children from a prior marriage
• To qualify for the Marital Deduction, spouse must be given life income
• Children (or other persons) named as remainder beneficiaries

Question 7

Power of Appointment/Marital Trust (A-Trust)

Answer 7

• Receives assets intended for the spouse
• Spouse will have general powers receive income & principal
• Spouse will also have general powers to name HEIRS
• Qualify for the Marital Deduction

Question 8

Adjusted Gross Estate

Answer 8

• Gross Estate
  Less
• Admin Expenses
• Burial Expenses
• Last Medical Expenses
• Debts of the Decedent
• Losses During Estate Administration

Question 9

Taxable Gross Estate

Answer 9

• Adjusted Gross Estate
  Less
• Charitable Deduction
• Unlimited Marital Deduction
• State Death Tax Deduction