John plans to transfer his life insurance policy to an irrevocable trust for the benefit of his 19- year old daughter, Jane. Which of the following conditions will enable the gift to qualify for the annual exclusion?1. Jane is the irrevocable beneficiary of the life insurance trust but cannot withdraw from the trust until the death benefits are paid.2. Jane is given "Crummey" demand powers permitting the withdrawal at her discretion of the annual additions to the trust.
Answer(s): D
Which of the following statements concerning charitable remainder annuity trusts is correct?
Answer(s): B
Important factors in assessing liquidity needs in estate planning include which of the following?1. The types of assets that comprise the estate2. The date of drafting the will
Answer(s): A
Which of the following statements concerning state death taxes is correct?
Which of the following transfers will be successful in removing property from a grantor's gross estate?1. A grantor's transfer of property to a revocable trust if the grantor lives three years after the transfer.2. A grantor's transfer of a personal residence to a qualified personal residence trust if the grantor survives the retained interest term.
Answer(s): C
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