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Probate 10 Flashcards

1
Q

Marital deduction trust (A/B trust)

A

Exemption Amount is put in a. All other assets are put in the. B is funded by a

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2
Q

Adjusted gross estate

A

Value of estate property after deducting all costs and expenses

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3
Q

Cy pres doctrine

A

As near as possible

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4
Q

Form 706

A

Federal and state tax return after specific criteria regarding an estate or met

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5
Q

Income in respect of decedent

A

Taxable income earned but not received a death

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6
Q

IRS form 1041

A

Income tax for estates and trusts

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7
Q

Unified tax credit

A

Ties together $5.49 million Estate tax exclusion with the lifetime gift tax exclusion

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8
Q

Jurisdiction

A

Authority to hear a case

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9
Q

In rem jurisdiction

A

Jurisdiction over a persons property not people

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10
Q

Venue

A

County where the property is located

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11
Q

Unlimited marital deduction

A

All assets are passed to spouse. No taxes

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12
Q

Honorary trusts

A

Non-charitable trust with no beneficiaries. Maintain a cemetery plot

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13
Q

Crummy trust/crummy powers

A

Money put in trust that is equal to the amount of the gift tax exclusion. To which the beneficiary has the right to withdraw for 30 days.

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14
Q

Confidentiality

A

Information from correspondence, legal documents, and consultation obtained from clients

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15
Q

Usufruct

A

Use of a property that is vested in another

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16
Q

Legal opinion

A

What do you think a client should do to protect their legal rights

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17
Q

Trust

A

One person has title to property another person benefits from property

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18
Q

Pourover will

A

Most items given in will residuary given in trust

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19
Q

Corpus

A

Body of the trust

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20
Q

Bare legal title

A

Owned legal title, creditors are not able to claim any share

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21
Q

Irrevocable trust

A

Cannot be changed

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22
Q

Intervivos trust

A

Living trust

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23
Q

Trustee

A

Person holding title to property

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24
Q

Constructive trust

A

Trust by operation of law because of criminal offense

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25
Equitable title
One person holds title to property while another person enjoys the property
26
Revocable trust
Can be changed
27
Spendthrift trust
Debtors cannot touch trust assets of a beneficiary
28
Sprinkling trust/spray trust (discretionary trust)
Whoever has the power of discretion decides who trust goes to
29
Qualified terminator interest trust (QTIP)
Used when person has children that are not his from marriage
30
Personal representative
Pays debts and expenses collect and distribute assets. Assigned by court.
31
Executor
Pays debts and expenses, collect and distribute assets. Assigned by will
32
Investigator
Nurse or other health professional assigned to interview incompetent
33
Bond
Insurance that reimburses estate
34
Ward
Person who is incompetent or minor. Conservatory and guardian are assigned to
35
Letters of Appointment
Assigns a personal representative to handle all matters
36
Contingent executor
Second. Person named in case the primary cannot serve
37
Conservator
Assigned to manage incompetence for minors assets
38
Guardian
Assigned to manage incompetent or minor
39
Corporate fiduciary
Bank
40
Registrar
Probate court clerk
41
Probate inventory
List of all items and the value of each item included in probate
42
Ancillary administration
Where a person has a house but does not live but intends to come back required when decedent has property in more than one state
43
Domicile
Where one has a house
44
Digital assets
Items stored on the internet
45
Formal administration
Formal judicial probate proceedings to decide if there is a valid will
46
Informal administration
Administration of probate usually done by a probate court clerk
47
Supervised administration
Court supervised administration of probate
48
Fair market value
What one person is willing to sell an item at four and another person is willing to buy it for.
49
Small estate settlement
Less than $100,000 in real property. Less than $75,000 in personal property.
50
Form 1040
Living person tax form
51
Testamentary trust
Part of Testator’s will that only becomes effective upon the testator death
52
Revocable trust
Truster has the right to change a man or terminate the trust
53
Trustor
Person who establishes the trust
54
Trustee
Person or legal entity to which the truster gives legal title to the trust or property
55
Resulting trust
Arises by operation of law when a trust fails
56
Termination of trust
When purpose has been for fulfilled
57
Legal title
Trustee | Owner of property
58
Equitable title
Beneficiary. | Right of enjoyment
59
Appointment - letters of Appointment, letters testamentary
Gives personal representative the authority to act as the representative in all matters regarding the estate
60
Removal
Mismanagement of the estate, breach of fiduciary duties, and violation of court orders
61
Discharge
After the estate has been administered and the pr has performed all duties they are released
62
Duties
Locate will, notify post office, get tax ID, open estate bank account, give notice to heirs and beneficiaries, give notice to creditors, notify parties, search for assets, sell real estate, obtain copies of records, establish value of stocks and bonds, wind down business, fill out paperwork, notify social security, determine claims, prepare inventory, determine priority of payments, keep records, arrange burial, close bank accounts, cancel utilities, arrange for care of spouse, cancel credit cards, clean house, pay debts, manage assets, file tax returns, distribute estate
63
Holographic will
Handwritten
63
Charitable trust or public trusts
``` Trust set up to benefit the public at large rather than an individual Religious, scientific, charitable, literary, or educational Must intend to create public trust Indefinite class poor children. ```
64
Public trust
Another name for charitable trust
65
Charitable remainder trust
Trust set up to benefit Beneficiaries, upon the death of the beneficiaries the principal is distributed to a charity
66
Special needs trust
Benefits a person with disabilities

Probate (8 decks)

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