QUESTION: 101

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.

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

Answer(s): B

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QUESTION: 102

All the following transfers are subject to the generation-skipping transfer tax (GSTT) EXCEPT:

A direct cash payment of $28,000 from a grandparent to a private prep school to cover the tuition costs for her grandchild.
A termination of a trust at the death of the nonskip life income beneficiary with the remainder distributed solely to skip persons.
A distribution to a grandchild from a sprinkle trust created by a grandparent to benefit both skip and non-skip beneficiaries.
A direct cash gift of $50,000 from a grandparent to his grandchild if such grandchild's parents are still alive.

Answer(s): A

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QUESTION: 103

Tax benefits of making lifetime gifts in excess of the gift tax annual exclusion include all the following EXCEPT:

Gift taxes are payable at the same tax rate as estate taxes.
Income taxes can be saved if a high-income donor gives income-producing property to a low income donee.
The gift tax paid on a gift made more than 3 years prior to the death of the donor avoids inclusion the donor's gross estate.
Appreciation in the value of a gift of real property after the date of the gift increases the donor's federal estate tax liability.

Answer(s): D

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QUESTION: 104

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 5,000

What amount must be brought back to the man's estate as an adjusted taxable gift in the calculation of his federal estate taxes?

$190,000
$360,000
$150,000
0

Answer(s): D

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QUESTION: 101

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QUESTION: 104

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