Estate Planning Flashcards
1
Q
Abatement
A
Reduction of bequest
2
Q
Ademption
A
Extinguishment of a right
3
Q
Probate assets
A
- Singly owned property
- Tenancy in common
- Community property
- Beneficiary is estate
4
Q
Avoids probate
A
- JTWROS
- Tenancy by entirety
- Life insurance
- POD accounts
5
Q
Crummey provisión
A
- Creates present interest in trust
- Qualifies contribution for annual exclusion
- Limited time for trust bene to withdraw some or all of contribution
6
Q
Income in respect of decedent
A
- entitled to be paid but didn’t receive all before death
- included in gross estate w/ no step-up in basis
- recipient pays taxes
7
Q
Tenants in common
A
Two or more undivided interest
Not a good option for real estate or personal property
8
Q
Joint tenancy with rights of survivorship
A
Two or more undivided interest w/ survivorship rights
9
Q
Tenancy by the entirety
A
Married couple w/ survivorship
10
Q
Community property
A
Married, undivided interest
No survivorship or gift splitting
Step to FMV for both halves
