Estate Transfers During Life Flashcards
1
Q
QPRTs and Chapter 14
A
QPRTs are exempt from Chapter 14
2
Q
QPRTs and Gift Tax
A
Subject to gift tax on present value of remainder interest
3
Q
SCIN Premium Payments
A
Seller may not have to include payments canceled at death in gross estate
4
Q
gift-leaseback estate implications
A
removes the gifted property from the estate
5
Q
buy-sell agreement and third parties
A
ensures ownership won’t fall into the hands of third parties
6
Q
Purchaser’s Basis in SCIN?
A
the purchaser’s basis is the agreed upon purchase price
7
Q
true or false: A key person life insurance policy provides no direct benefits to the employee
A
true
