PASS 2 Flashcards by Lauren Wingard | Brainscape

Q

Adoption credit

A

5 year carryover

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

springing POA

A

recognized by ALL states

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

3rd party special needs trust

A

grantor CAN make heirs benes

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

IRD

A

untaxed income when tax deferred going to bene (IRA)

** taxed to bene

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

SLAT

A

irrevocable trust w/ spouse can access for HEMS

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

life insurance on decedent

A

proceeds are estate taxed

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

life insurance on other

A

policy is estate taxed on the fair market value

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

ascertainable standard

A

protects from creditors

= HEMS

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

lapsed Crummery provision

A

multiple benes included in estate

= need 5 and 4: $5,000 or 5%

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

marital deduction

A

surviving must have POA (except QTIP)

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

2503(b)

A

distribute income and past 21

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

2503(c)

A

can accumulate but distribute ALL at 21

*annual exclusion

How well did you know this?

1

Not at all

2

3

4

5

Perfectly