QUESTION: 97

Which of the following statements concerning charitable remainder annuity trusts is correct?

It provides a fixed annuity income interest to a qualified charity.
The donor receives an estate tax charitable deduction for the value of the remainder interest.
The term of charitable remainder annuity arrangements is limited to 10 years.
The interest paid to the charity must be paid at least quarterly.

Answer(s): B

QUESTION: 98

Important factors in assessing liquidity needs in estate planning include which of the following?
1. The types of assets that comprise the estate
2. The date of drafting the will

1 only
Both 1 and 2
2 only
Neither 1 nor 2

Answer(s): A

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QUESTION: 99

Which of the following statements concerning state death taxes is correct?

A state inheritance tax is imposed on the right of the deceased to leave property to heirs.
A state estate tax is imposed on the right of heirs to receive property from the deceased.
State estate and inheritance taxes are generally imposed at the same rate regardless of the relationship of the deceased to the beneficiary.
A deduction for the full amount of state death taxes paid by a decedent estate is allowed on a decedent federal estate tax return.

Answer(s): D

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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.

Neither 1 nor 2
1 only
2 only
Both 1 and 2

Answer(s): C

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QUESTION: 97

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QUESTION: 100

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