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Adrian would like to start creating an estate. In developing such a plan, you should suggest that the essential elements he should incorporate are efficiently building wealth, preserving it, and:
Since tax requirements and regulations change frequently, Adrian should be advised to regularly assess his estate plan once developed in order to make sure it continues to:
George is confused about the duties his executor and trustee will have in his estate plan. You should explain that in a will an executor manages the decedent’s assets and liabilities. While in a trust agreement, the responsibility of a trustee is to:
Theodore has read that all or a portion of his estate can pass tax free to his beneficiaries. You should point out that this amount would be the:
Using their tax attorney, Luigi and his sons Bruno and Alfredo have formed a family limited partnership to hold rental properties. Such entities are popular planning devices and would allow them to:
Ernest is devising an estate plan with the help of his attorney, Stuart, who is helping him inventory and value his property. Stuart warns that the assets most likely to give Ernest valuation problems would be his:
When Milton died, his son, Luke, met with the tax advisor to learn the tax status of his father’s estate. The tax advisor should explain that Milton’s estate will be taxed on the fair market value of:
William owns property and other assets in several states, including Virginia, where he lives. He also has holdings in Argentina and New Zealand. For federal estate tax purposes, which of his property holdings would be taxable?
Aaron made several gifts from his estate in the five years prior to his death. What would be the tax treatment of these gifts upon his death?
Julianne transferred property and assets into a trust during her lifetime. However, when Julianne died, the trust assets were included in her estate, since this was a trust that could be altered, amended, revoked, or terminated by:
Ken became a co-tenant with his father when his father gifted Ken part of a property he owned. When Ken’s father died suddenly, what would be the tax treatment of the co-tenancy?
Loren has drafted a will and has given his son, Brad, a power of appointment. Brad, therefore, would have the power to dispose of property even though the property:
Gary is the executor of his father’s will. Since his father’s death, creditors have made claims against his father’s assets. As a result, Gary should be able to:
When Quentin died, he left his property to his spouse, Daisy. Under §2056, a marital deduction may be for the property passing to her. The monetary limitation on this marital deduction would be:
Mike became the executor of his grandmother’s estate when she died in January and he began to value her estate based on its value immediately after her death. However, Mike may instead choose to value these assets:
When he died, Darrell’s estate included some farmland he owned near Blue Earth, Minnesota. Since a special §2032A estate tax valuation method can be used for farmland, the executor of his estate is permitted valuation of this land at:
Charles is the executor of his mother’s estate and consults his tax advisor regarding his responsibilities. His advisor should explain that one of these responsibilities is:
When Jacob, who owned a closely held business, died, it turned out that the closely held business interest made up 40% of his adjusted gross estate. Under §6166, the executor of Jacob’s estate would have the option of:
Steve is the executor of his father’s estate and must pay federal estate taxes. He is examining his options for paying them. The least likely means of payment he might use would be:
When Devon died this year, the basis of the assets in his estate was increased. Given this, the tax basis of these assets for his sole heir, Ethan, would be:
As executor of his sister’s estate and using a special election for 2010, John had the ability to allocate an increase in basis to selected beneficiaries at death under the modified carryover basis rules. Up to what amount could John have increased the basis to his sister’s surviving spouse?
Marie gifted some property to her college alma mater. By completing this gift, Marie eliminates the gifted asset’s current value from her estate along with:
Ellen made a large gift to her local college. When figuring the taxes for the gift, her tax preparer would refer to a tax schedule that utilizes:
When Justin made a large gift, he quickly estimated its fair market value and filed the appropriate gift tax return. However, if the actual value of his gift turns out to be two-thirds more than reported, Greg could have tax consequences as a result of a(n):
Jeremy promised to give his son $10,000 if graduates college within 2 years. Under §2503, would Jeremy’s gift qualify for the annual gift tax exclusion?
Norman would like to give his daughter money for graduate school but, the sum would exceed the annual gift tax exclusion. Their tax advisor should explain that §2503 provides an additional gift tax exclusion for certain expenses paid for a donee and exclusion is unlimited for:
Mary is an 80 year old part-time jeweler. She has a large jewelry collection and has told family members how to distribute it on death. Her advisor strongly suggests a will since it is a legally established document that would include:
Mary meets with her attorney and explains that she would like to draft a simple will. The attorney explains to her that a will can deal with a number of issues but would fail to cover:
Valerie wants to discuss with you whether she should use joint tenancy as a method of avoiding probate. As her advisor, you would point out to her that avoiding probate fails to do away with or diminish:
Doug informs his attorney that he does not want to incur the cost of drafting a will. The attorney should inform Doug that state laws determine how individuals’ assets are distributed when they fail to establish a will. What could result from Doug’s decision?
Rex resides in Durango, Colorado, where he owns an outfitting company, but also owns some real property in Bellingham, Washington. If his estate went to probate, which of the following scenarios would be most likely?
When Gary meets with his attorney, Stuart, to discuss his estate and his will, Stuart suggests that Gary also consider placing assets in a living trust during his lifetime in order to avoid: