Study Memory Aid

Question 1

Studying steps

Polish Queen Returns from ST Petersburg

Answer 1

Preview
Questions
Reading
Summary
Test

Question 2

Estate documents

Answer 2

Trust will Benefit Paul
Trust
Will
Beneficiary forms for 403 b, etc.
Durable power of attorney, finance

Question 3

Health related estate documents

Hippo

Answer 3

Hippo’s Lifting Power Helps
HIPPA authorization form
Living will
Power of attorney for health care, durable
Health proxy

Question 4

Bio classifications

Answer 4

King Phillip Crossed Over From Greenland Strait
Kingdom
Phylum
Class
Order
Family
Genus
Species

Question 5

Estate distribution

Per capital - Latin = head

Answer 5

Benefits are divided by number of individuals in the same generation.

Question 6

Estate distribution

Per stirpes - Latin = by branches

Answer 6

Benefits are reserved in that branch, and not shared by individuals in the same generation.

Question 7

Estate term

Holographic - Greek Holo = whole, entirety. Graph = hand written

Answer 7

Hand-written will, signed by the testator with/without witnesses.

Question 8

Term, Will
Nuncupative will
Latin Nuncupare = to announce

Answer 8

Oral will

Question 9

Unified credit

Unified gift and estate tax

Answer 9

U.S. gift and estate tax credit.

Question 10

Annual gift tax exclusion

Answer 10

Gift tax exclusion = $15k/pers.

Question 11

Gift to unrelated individual > 37.5 years younger

Answer 11

Subject to GITT, transfer tax.

Question 12

Crummey Power

Trust - Tax court case

Answer 12

So long the trust has a provision allowing beneficiary to withdraw the funds > 30 days

Question 13

Ancillary probate adm

Answer 13

Probate involved more multiple state.

Question 14

Intestate succession

Answer 14

Individual died without a will, probate with state law.

Question 15

Tenancy by the entirety (TBE)

Tenancy BEst Protection

Answer 15

Protected from individual creditors not joint creditors.

Question 16

Tenancy in common

TIC - income division

Answer 16

By related or not related individuals, entitled to a division or income. Each owner can transfer his interest.

Question 17

JTWROS

Jane Turner with ROS

Answer 17

The entire amount will be included in the decedent’s gross estate.
Record keeping is essential.

Question 18

Goals with Action Plan

PGA App

Answer 18

PGA App
Precise goals that can be assessed.
Action plan, periodic adjustment

Question 19

Estate property subject to probate

Community Edwards Owns the Property (TIC)

Answer 19

Community property
Estate from designated beneficiary of the insured
Owned property, individually
Property, tenancy in common

Question 20

QTIP trusts

Income, providing for beneficiaries, not new spouse

Answer 20

Tp provide income, corpus is preserved for beneficiaries, prevent surviving spouse from leaving assets to new spouse.
A marital trust.

Question 21

Credit shelter trusts

Income, control over beneficiaries, included previous marriage, non-marital trust

Answer 21

To provide income, control over beneficiaries, non-marital trust

Question 22

Charitable lead trust

Income for beginning, corpus to grantor

Answer 22

Income for at least one charity.

Corpus goes back to the grantor.

Question 23

Charitable remainder trust

Remainder to charity

Answer 23

Income for charity and beneficiaries.
Corpus remainder to charity.
Remainder=5% to 50%.