Which of the following statements concerning wills is (are) correct?1. A will should be reviewed periodically to assure that the property owner's most recent intentions are honored at death.2. Once signed, a will's provisions may not be changed without the consent of all the beneficiaries under the will.
Answer(s): B
All the following transfers are subject to the generation-skipping transfer tax (GSTT) EXCEPT:
Answer(s): A
Tax benefits of making lifetime gifts in excess of the gift tax annual exclusion include all the following EXCEPT:
Answer(s): D
A man died in February of this year. Last year, when he learned that he has a terminal illness, he immediately made the following gifts and filed the required gift tax return:• Fair Market Value* Gift of listed stock to a* qualified charity $150,000* Gift of listed bonds to his wife 200,000* Gift of a boat to his son 5,000* Gift of a sports car to his daughter 5,000What amount must be brought back to the man's estate as an adjusted taxable gift in the calculation of his federal estate taxes?
On January 1, 2004 a father gave his daughter a $50,000 straight (ordinary) life insurance policy on his life. Premiums are paid annually. The pertinent facts about the policy are: Date of issue: July 1, 1992* Premium paid on July 1, 2003 $800* Terminal reserve on July 1, 2003 5,000* Terminal reserve on July 1, 2004 6,000What is the value of the policy for federal gift tax purposes?
Answer(s): C
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