Estate Planning Flashcards
1
Q
What is the estate tax formula
A
GROSS ESTATE
minus: expenses, debts, taxes, losses
ADJUSTED GROSS ESTATE
minus: marital deduction & charitable deduction
TAXABLE ESTATE
2
Q
Who are marital deductions available for and how much?
A
unlimited to a donee spouse, can NOT be used for gifts to a non-citizen spouse (annual exclusion is 175k)
3
Q
What tax form is the charitable deduction calculated on?
A
706: estate tax return
4
Q
Charitable Lead Trusts
A
Grantor receives a charitable income tax deduction for the PV of the charity’s income interest.
5
Q
Grantors tax treatment for a Charitable Remainder Trusts
A
The grantor receives a charitable income tax deduction for the PV of the charity’s remainder interest.
6
Q
Charitable Gift Annuities
A
A donor transfers cash or property to a charity and the charity pays the donor or other donees an annuity payment each year for life
7
Q
what is the gift tax charitable deduction for a charitable gift annuity?
A
the PV of the charity’s remainder interest
8
Q
what is the gift tax on a charitable annuity payments to others?
A
the PV of the annuity payments
9
Q
what is the gift tax on charitable gift annuity payments to a spouse?
A
a marital deduction is available if the spouse receives all annuity payments and has general POA over payments after the donor’s death.
10
Q
Pooled Income Funds.
A
A donor gifts property to a charity and receives an annual pro-rata share of income from the charity’s commingled funds, for life.
11
Q
why would a donor make additional funds to a pooled income fund?
A
to increase the donor’s income stream
12
Q
who manages the pooled income fund?
A
The charity manages the fund
13
Q
What can the charity not invest in in a pooled income fund?
A
which cannot invest in tax-exempt securities and receives
14
Q
what does the charity receive in a pooled income fund?
A
the remainder when the donor’s income interest ends.
15
Q
what is the donors income tax deduction in a pooled income fund?
A
Donor takes an income tax deduction for the PV of the charity’s remainder interest
16
Q
what does the donor pay taxes for in a pooled income fund?
A
The donor pays income taxes on the income received from the fund
17
Q
Private Foundation
A
A separate legal entity, either a not-for-profit corporation or a tax-exempt trust.
18
Q
who controls and funds a private foundation?
A
family members?
19
Q
what are the tax deductions for family members who make gifts to the foundation?
A
Family members may take an income tax deduction limited to 30% for cash and to 20% for LTCG property.
20
Q
How much must a private foundation at minimum every year?
A
5% of the assets to public charities every year
21
Q
Who maintains Donor-Advised Funds
A
Maintained by charities, community foundations, or mutual fund companies.
22
Q
What can donors contribute into a DAF?
A
Donors may contribute cash, stock, or other property to their individual fund accounts and select the charities they want to receive their grants.
23
Q
What are the tax deductions for donors of a DAF?
A
Donors are entitled to a charitable income tax deduction based on the type of property contributed, subject to AGI limitations.
24
Q
Charitable Lead Trust (CLT)
A
pays an income stream to a qualified charity for a period of years, usually not exceeding 20. At the expiration of the lead period, the remainder interest passes to one or more noncharitable beneficiaries.
25
Charitable Lead Annuity Trust (CLAT)
a type of CLT that is designed to provide annual payment of a fixed amount to a qualified charity with the remainder going to a non-charitable beneficiary.
26
Charitable Lead Annuity Trust (CLAT) advantages
Qualify for income tax, gift tax, and estate tax deductions.
If using a ‘grantor-CLT,’ there is a large, front-loaded tax deduction that can offset taxation.
Flexibilty: can be either inter-vivos or testamentary.
Means to support philanthropic goals and support beneficiaries.
27
Charitable Lead Annuity Trust (CLAT) disadvantages
Trust principal is invaded if income is insufficient to make payments to charity, which ultimately leaves less for the trust beneficiaries.
An income tax deduction is only available for ‘grantor-CLTs.’ Non-grantor CLTs do not qualify.
Lead trusts are ‘non tax-exempt entities.’ Income earned by the trust is taxed to the grantor.
28
when is a CLAT the best charitable lead trust choice and why?
when interest rates are lower, since smaller annuity payments to a charity result in a greater value of the trust corpus for the remaindermen
29
Charitable Lead Unitrust (CLUT)
type of CLT that provides payment of a periodic sum, usually a percentage of the trust assets (revalued annually) to a qualified charity, with the remainder going to a noncharitable beneficiary. This creates annual payments that go ‘up and down’ based on the annual valuation.
30
Charitable Lead Unitrust (CLUT) advantages
Qualify for income tax, gift tax, and estate tax deductions.
If using a ‘grantor-CLT,’ there is a large, front-loaded tax deduction that can offset taxation.
Flexibilty: can be either inter-vivos or testamentary.
Means to support philanthropic goals and support beneficiaries.
Additional assets permitted.
Income stream serves as an ‘inflation hedge.
31
Charitable Lead Unitrust (CLUT) disadvantages
Trust principal is invaded if income is insufficient to make payments to charity, which ultimately leaves less for the trust beneficiaries.
An income tax deduction is only available for ‘grantor-CLTs.’ Non-grantor CLTs do not qualify.
Lead trusts are ‘non tax-exempt entities.’ Income earned by the trust is taxed to the grantor.
32
what is the best alternative when the generation skipping transfer (GST) tax is a concern and why?
CLUTs due to the fact that the unlimited charitable deduction is available for the full value of the interest going to the qualified charity
33
Grantor charitable lead trust
the granto can take immediate income tax charitable deduction for the PV of the future payments thjat will be madeto the charitable beneficiary (subject to application deduction limitations depending on whether the bene is a public charty or private foundation)
34
non grantor charitable lead trust
the trust and NOT the grantor- is considered the owner of trust assets. Accordingly the grantor is NOT eligible to take an income tax deduction for the PV of the lead interest to charity.
35
Charitable Lead Trust (CLT) characteristics
pays an income stream to a qualified charity for a period of years, usually not exceeding 20. At the expiration of the lead period, the remainder interest passes to one or more noncharitable beneficiaries. The grantor CLT typically allows a large up-front income tax deduction in the year it is funded. With a non-grantor CLT, there is no deduction at the time the CLT is funded.
36
Charitable Remainder Annuity Trust (CRAT)
a trust designed to permit payment of a fixed amount annually to a noncharitable beneficiary with the remainder going to charity.
37
Charitable Remainder Annuity Trust (CRAT) advantages (5)
Current income tax deduction. Amount = PV of the remainder interest.
Income to the grantor or non-charity beneficiaries.
Support for grantor or beneficiaries.
Giving to charity.
Assets within trust accumulate free of taxation.
38
Charitable Remainder Annuity Trust (CRAT) disadvantages (3)
Contributions to the trust are irrevocable. Grantor loses control over the property.
Purchasing power of the income stream may be reduced due to inflationary pressures.
Income received may be subject to ordinary income or capital gains taxes.
39
what happens If the income of the trust is insufficient to meet the required annual payment in a CRAT?
the difference is paid from capital gains or principal.
40
what happens if the income is greater than the amount required in any given year in a CRAT?
the excess income is reinvested in the trust
41
Trust term max in a CRAT?
not to exceed 20 years
42
can additional assets be added in a CRAT?
no
43
who receives all trust assets upon the death of the income beneficiary or at the end of the trust term in a CRAT?
charity
44
what are the tax deductions of a CRAT?
can be carried forward a maximum of 5 years following the initial contribution
45
Income payments for a CRAT?
Between 5% - 50% of trust value
46
Charitable Remainder Unitrust (CRUT)
provides payment of a periodic sum, usually expressed as a percentage of the assets of the trust, to a noncharitable beneficiary, with the remainder going to charity.
47
Charitable Remainder Unitrust (CRUT) 5 advantages
Current income tax deduction. Amount = PV of the remainder interest.
Income to the grantor or non-charity beneficiaries.
Support for grantor or beneficiaries.
Giving to charity.
Assets within trust accumulate free of taxation.
48
Charitable Remainder Unitrust (CRUT) 3 disadvantages
Contributions to the trust are irrevocable. Grantor loses control over the property.
Annual revaluation of trust assets may result in lower payments if investments underperform.
Income received may be subject to ordinary income or capital gains taxes.
49
How often are CRUTs revalued?
A fixed percentage of net FMV of the trust, revalued annually, distributed to a non-charity beneficiary at least annually
50
How much of a trust value may a CRUT be for income payments?
Between 5% - 50% of trust value.
51
Trust term limitations for a CRUT
Not to exceed 20 years or life
52
Can additional assets be added to a CRUT
yes
53
What does a CRUT does to the grantors gross estate?
Reduces the value of the grantor's gross estate
54
when does the charity receive all trust assets in a CRUT?
upon the death of the income beneficiary or at the end of the trust term.
55
how are tax deductions used in a CRUT?
Tax deduction can be carried forward a maximum of 5 years following the initial contribution
56
what is useful for a grantor that has a highly appreciated asset and is seeking diversification without triggering capital gains tax.
a CRUT
57
what is the purpose of a Bypass trust (B-trust)
Avoids “over-qualifying” the decedent spouse’s estate for the marital deduction, by utilizing the decedent’s maximum unified credit.
Allows the surviving spouse to obtain income as needed.
58
Spousal Income from a B-Trust
The surviving spouse can obtain income “as needed” from the trustee.
The income interest is terminable interest property (TIP).
The decedent spouse cannot receive a marital deduction on their estate tax return.
59
Surviving Spouse’s Estate with a Bypass Trust (B trust)
Property “by-passes” inclusion in the surviving spouse’s estate.
The spouse can be given a limited power of appointment with an ascertainable standard (HEMS) to receive distributions from trust income and corpus.
The spouse can exercise a limited power of appointment to distribute assets to the beneficiaries.
The spouse can be given a 5 x 5 power of appointment over the trust corpus.
60
Does the Bypass trust qualify for the marital deduction?
No
61
Does the surviving spouse have power of appointment in a Bypass trust?
No
62
Is A Bypass trust included in the decendents estate?
yes
63
Is a Bypass trust included in surving spouses estate?
No
64
where does the general power of appointment and estate taxes reside in a btrust?
The ‘B’ in Bypass Trust or B-Trust stands for ‘Below ground.’
65
tax consequences to property in a bypass trust that appreciates in value when transferred to beneficiaries?
passes tax free
66
how are distributions in a bypass trusts taxed for surviving spouses?
income received is taxable; distributions of principal/corpus are nontaxable
67
How does the first to die spouse handle setting up a Bypass trust?
sets trust terms, general POA, is 'taxed' upon transfer of $ to trust, uses exemption to offset actual tax, escapes estate tax at death on btrusts
68
In what trust does the surviving spouse has a general power of appointment over trust corpus, exercisable during life and/or at death.
A- trust (or power of Appointment Trust)
69
Who determines the beneficiaries of the A trust assets at death via general power of appointment in the will.
Surviving spouse
70
Can there be an accumulation of income in an A trust?
no, Surviving spouse must receive all income which is paid at least annually
71
Does the A trust qualify for martial deduction?
yes
72
whos estate is an A trusts assets included in?
surviving spouse, not decendent spouse
73
A-B Trust:
An arrangement designed to give the surviving spouse full use of the family's economic wealth, while at the same time minimizing, to the extent possible, the total federal estate tax payable at the deaths of both spouses.
74
What does an A-B trust attempt to avoid?
Avoids "overqualification" of the estate for the marital deduction because of "underutilization" of the lifetime exemption amount/unified credit in the estate of the first-to-die spouse.
75
Funding of A-B trust order
B= before then a=after
76
Benefit to decedent spouse of A-B trusts?
tax free transfer, control of trust up to estate exemption, support of surviving spouse
77
Benefit to surviving spouse of A-B trusts?
as needed + mandatory annual income sources, powers to update A trust terms, preservation of estate tax exemption
78
where does the general power of appointment and estate taxes reside in an A trust
The ‘A’ in Power of Appointment Trust or A-Trust stands for ‘Above ground.’ (i.e., with the surviving spouse).
79
When are Q-TIP trusts established
when the decedent spouse wants to:
Provide the beneficiary spouse with income for life.
Receive an estate tax marital deduction.
Give trust corpus to children from a previous marriage.
80
Q-TIP trust provisions
The surviving spouse must receive all trust income annually.
The spouse may receive distributions of corpus at the trustee’s discretion.
Corpus passes to remainder beneficiaries designated by the decedent, at the beneficiary spouse’s death.
Note: This is a terminable interest trust.
Qualifies the decedent’s estate for the marital deduction.
Executor elects Q-TIP treatment on Form 706
81
The two top reasons, after estate tax savings, people use a QTIP
Concern about the surviving spouse's ability to manage the assets in future years.
The possibility that the surviving spouse might change the plans for who gets the remaining assets.
82
Does a QTIP qualify for the martial deduction?
yes
83
Does the suriving spouse have power of appointment in a QTIP?
no
84
Whose estate is a QTIP included in?
the surviving spouses estate
85
what are the scenarios for use of a QTIP
divorced and remarried with children from a prev marriage; qtip takes care of surviving spouse w/ lifetime annual income; qtip allows the decent to have the general POA qtip ensures that the trust corpus goes to kids from prev marriage
86
a qtip trust qualifies the grantor to receive which of the following?
marital deduction
87
What is a Disclaimer Trust
An estate planning technique in which a married couple incorporates an irrevocable trust in their planning, which is funded only if the surviving spouse chooses to “disclaim,” or refuse to accept, the outright distribution of certain assets following the deceased spouse's death.
88
A-Trust
A marital trust that provides the surviving spouse with a general power of appointment, access to income, and the ability to invade the trust corpus during life.
89
B-Trust
A spousal trust that avoids “over-qualifying” the decedent spouse’s estate for the marital deduction, by utilizing the decedent’s lifetime exemption amount ($12.92MM in 2023). Allows the surviving spouse to obtain income as needed. Trust assets are not included in the surviving spouse’s estate at death.
90
Estate Equalization
An estate planning technique under which an estate is divided into two parts and taxed at a lower rate rather than remaining as a whole and taxed at a higher rate. This division may be necessary because of the progressive nature of the federal estate tax.
91
QTIP Trust:
Provides the beneficiary spouse with income for life, qualifies the trust property for the marital deduction and gives trust corpus to children from a previous marriage.
92
Ascertainable Standard
Added to trusts to give the trustee guidance as far as when and how they need to make distributions to the beneficiaries. A trustee can make distributions to a beneficiary for health, education, maintenance, and support (aka, the ‘HEMS’ standard).
93
Estate Trust
Qualifies property for a marital deduction in the decedent’s estate. Used if the beneficiary spouse has substantial wealth and does not need the trust income or corpus
94
What estate planning technique solution should be used To minimize their total estate tax liability for their combined estates:
Estate equalization.
95
What estate planning technique solution should be used for Surviving spouse to receive all income annually
A or Q-TIP.
96
What estate planning technique solution should be used for Surviving spouse to receive income if needed
B or Estate Trust.
97
What estate planning technique solution should be used for Decedent spouse to receive a marital deduction:
A, Q-TIP, Estate Trust, an outright gift to the spouse.
98
What estate planning technique solution should be used for Surviving spouse to choose trust beneficiaries
A or Estate Trust.
99
What estate planning technique solution should be used for Surviving spouse to determine what portion of the decedent’s estate to transfer into a trust to use the decedent’s unified credit:
Disclaimer trust.
100
What estate planning technique solution should be used for Surviving spouse to access trust income for health, education, maintenance, and support (i.e., HEMS) without including the assets in their estate
Ascertainable standard.
101
qualified domestic trust (QDOT)
A QDOT ensures that the assets will not ultimately leave the US without being taxed.
102
When does the non us citizen annual exclusion apply?
only applies to gifts (up to $175k/year)
103
What does a QDOT qualify for
it qualifies transfers to a non us spouse for the unlimited marital deduction
104
2503(b) trust
(aka, Qualifying Minor’s Trust or Mandatory Income Trust) is an irrevocable trust which requires distribution of income on an annual basis. Most often, distributed funds are placed into a custodial bank account until the child reaches legal age.
105
2503(c) trust
enables a grantor to make a gift to a minor in trust and still obtain the annual gift tax exclusion. Trsut accumulates and can cease current cash
106
How often must a 2503(b) trust distrubte the income
an annual or more frequent basis.
107
are 2503(b) qualfiy for the annual gift tax exclusion?
All or portions of gifts to such trusts will qualify as gifts of present interest for the income beneficiaries, and thus are eligible for the annual gift tax exclusion.
The annual exclusion cannot be used to offset the donor's gift tax for the present value of the remainder interest passing to any remainder beneficiaries.
108
The corpus of a 2503(b) trust
need not be distributed to the beneficiary when the beneficiary reaches the age of majority.
will be excluded from the gross estate of the donor who is not a trustee.
will also be excluded from the gross estate of the income beneficiary if the income interest terminates at the beneficiary's death.
109
is a 2503(c) Trust consdiered agift of a present interest?
yes; so the gift will qualify for the annual gift tax exclusion
110
how is income treated in a 2503(c trust
Income that is accumulated in the trust is taxed to the trust and not to the beneficiary.
Regardless of when a person becomes an adult under state law, the "magic" age is still 21 for Section 2503(c) purposes.
111
What about 2503(c) unexpended income and principle?
Unexpended income and principal must be distributable to the beneficiary at age 21.
If the beneficiary dies before age 21, accumulated trust income and corpus must go to the minor's estate or appointee pursuant to a general power of appointment.
112
2503(c) income requirements
no requirement for current income distributions
113
2503(b) prncipal
may be withheald from the beneficiary until his/her death
114
2503(b) trust amount eligible for annual exclusion
actuarial value of the income interest
115
2503(c) trust amount eligible for annual exclusion
entire gift to the trust
116
be CFP aware... kiddie tax could kickin with the 2503(b) and (c) trust
fjfjfjf
117
why are special needs trust used?
preserve eligibility for govt benefits;pay for extra services NOT covered by govt programs
118
what can special needs trust pay for (5)
Telephones
Computers and internet access
Cable TV
Basic household furnishings
Travel and a companion
119
what do special needs trusts cover (extra services) (4)
Medical expenses not covered by Medicaid
Supplemental attendant and custodial care
Additional therapies
Respite care for family caregivers
120
special needs trust taxation
Most special needs trusts are ‘third-party’ trusts and are taxed as a pass-through entity.
The income that is passed on to the beneficiary is taxable to the beneficiary at their individual income tax rates.
If there is any undistributed income, the trust will pay taxes at the higher ‘non-grantor trust’ rates.
The trustee is responsible for the trust tax return preparation and pays taxes owed by the trust, from the trust.
121
special trusts setup via pooled
A pooled special needs trust is managed by a non-profit organization instead of a single trustee.
122
special trust set up via third party
A third-party special needs trust holds assets that never belonged to the trust beneficiary. Third-party special needs trusts are often set up as a part of a donor’s estate plan, to aid the special needs individual while the donor is still alive and after he or she passes on.
123
special trust set up via first party
First-party special needs trusts are specifically designed to help individuals who are dealing with a disability caused by some type of injury. A first-party trust is funded by the person with special needs.
124
what can An Irrevocable Life Insurance Trust (ILIT)
can provide the decedent's estate with liquidity for payment of all death taxes with existing life insurance, or with insurance, the trust intends to purchase, without subjecting the proceeds themselves to depletion by estate taxes.
125
what happens when a new life insurance policy is purchased by within the ILIT
the face value of the insurance is removed from the owner’s estate.
126
What happens if the grantor transfers an existing life insurance policy into the ILIT.
Assuming the owner survives the transfer of the policy by at least three years, no portion of the death benefit proceeds will be included in the owner's estate.
127
Three-Year Rule
Certain property interests that were previously transferred within 3 years of the owner’s death are included in their gross estate.
Transfer of a life insurance policy or any incidents of ownership in the policy in which the decedent was the owner and the insured.
An owner who is not the insured: A policy gifted within 3 years of the owner’s death will not be brought back into the owner’s estate.
128
Unfunded ILIT
Includes only the grantor’s life insurance policy.
129
How do unfunded ILITs function
The grantor must transfer money into the trust each year so the trustee can pay the life insurance premiums.
The beneficiaries are given Crummey powers: The right to withdraw some, or all, of a grantor’s contribution to an irrevocable trust each year. Turn a future interest gift into a present interest gift, thus, qualifying for the annual gift exclusion amount.
The withdrawal amount is usually limited to the lesser of:
The annual exclusion.
The annual contribution made to the trust.
The greater of $5,000 or 5% of the amount transferred into the trust.
130
Funded ILIT
Transfer a life insurance policy and income-producing property into the ILIT.
131
How does a funded ILIT function
Trust income will pay for the policy premiums.
Beneficiaries are NOT given Crummey powers.
The grantor is taxed on trust income due to grantor trust rules.
132
what does not get pulled into an owners gross estate?
-universal life B policy (cash value is added to face amount)
- policies where the estate is the beneficiary
-policies where the decende is the owner not another indivudual is the isnuranced
---interpolated terminal reserve
133
Key needs for a family limited partnership
transfer of biz interests, estate tax reduction, creditor protection
134
Family limited partnerships (FLP)
a pass-through entity established under state law, which works as a partnership consisting entirely of family members. The FLP allows senior family members to transfer property to junior family members at significantly reduced transfer costs, to lower the value of their estates and keep the property in the family.
135
FLP disadvantages (4)
Income shifting to younger family members may be limited by “Kiddie Tax.”
Additional filing, fees, and informational tax returns are due when setting up and accounting for an FLP.
Gifts do not receive a step-up in basis.
Retained partnership interests continue to appreciate in senior family member’s estate.
136
FLP advantages (5)
-Control: General partners (i.e., senior family members) retain control of property through the FLP.
-Income tax reduction: Shares are shifted to junior family members at lower tax brackets, reducing current taxation. Earnings from the assets in the FLP are taxed at the recipient’s income tax bracket.
-Protection from creditors.
-Valuation discounts: These range from 30%-70% for a more efficient transfer of wealth.
Lack of Marketability Discount: A discount allowed by the IRS because investors are not interested in closely held stock or FLP shares, and the cost of taking this stock public or selling it on an exchange to potential investors is very expensive.
Minority Interest Discount: Applied when transferring business interests to minority shareholders because these shareholders have no influence or control over business operations or management policy.
-Gifting: Ease of gifting assets that are difficult to distribute. Transfers qualify for the annual exclusion ($17,000 in 2023).
137
how are the The assets placed into the FLP treated?
exchanged for general partnership shares and limited partnership shares. Older family members retain the general partnership shares and continue to have control of the trust. Younger family members receive limited partnership shares over time and gradually assume greater ownership of the business/assets. Although the general partners have unlimited liability, the recipient limited partnership shares have the protection of limited liability.
138
list the two discount measures used for a FLP valutaons
minority interest, lack of marketability. 30-70% discounted
139
what does a sale lease back/gift lease back provide for family members?
(1) an income stream from lease payments and (2) remove the business property from the owner's estate. It is important that these intra-family techniques be set up properly to avoid problems with the IRS. The sale or gift of property must be irrevocable and based on fair market value, and a legally enforceable lease agreement should be in place that provides for reasonable lease payments.
140
Sale lease back steps
① Business owner sells the business property to an adult child and then leases it back.
② Owner receives a lump sum payment or installment payments from the child and continues to use the property in the business.
③ Owner deducts monthly lease payments made to the child as a business expense.
④ Lease payments are taxed in the child’s lower tax bracket.
141
gift lease back steps
① Owner gifts property into an irrevocable trust and then leases the property back.
② Owner receives business deductions for the lease payments made to the trust.
③ Trustee distributes lease payments to family beneficiaries.
④ Family beneficiaries are taxed in lower tax brackets.backs
142
what are gift and sale leasebacks all about?
removal of assetfrom GROSS ESTATE
143
gift/sale lease back pros(2)
1. if younger, taxed at lower rate
2. lease payments are deductible to biz
144
gift leaseback
A gift of business property (e.g., machinery, office items) to family members (via an irrevocable trust) to provide them with an income stream from lease payments and remove the business property from the owner's estate.
145
impact on sellers gross estate for an installment notes
PV of unpaid installemnts may be includable
146
impact on sellers gross estate for a SCIN
teransferred property removed from gross estate.
A seller can cancel the note in17k increments per year per buyer to avoid or reduce taxable gifts
147
impact on sellers gross estate for a private annuity
if PMTs over joint lives, PV of remaining PMTs included in decedents estate decedents. If its a single life annuity, remaining payments are NOT included in the sellers estate
148
Are installment notes secured with collateral?
yes
149
Are SCINs secured with collateral?
yes
150
what happens if the seller cancels the entire note at once in a SCIN?
subject to capital gains and gift taxes. Example: Basis of business $100,000 sold for $800,000. Capital gain is reported on $700,000 and $683,000 is subject to gift taxes.
151
Are private annuities secured with collateral?
no
152
Duration for an installment note, SCINS, and private annuities?
Installment notes= fixed term
SCINs=fixed term
Private annuities= life of seller
153
