QUESTION: 5

All the following trust provisions avoid causing the inclusion of an irrevocable life insurance trust in an insured's gross estate EXCEPT

a trustee's power to pay estate expenses
a trust beneficiary's power to withdraw contributions to the trust
a trustee's power to loan assets to the estate at the trustee's discretion
a trustee's power to purchase assets from the estate at the trustee's discretion

Answer(s): A

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QUESTION: 6

Which of the following terms applies to the blending together of separate and community properties of spouses in community-property states?

Inception
Transmutation
Commingling
Proration

Answer(s): C

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QUESTION: 7

All the following statements concerning wills are correct EXCEPT:

Once a person is named as an executor in a will, he or she is required to serve.
A codicil is a valid modification of a will.
A testator may lose the capacity to revoke a will prior to death.
In most states a surviving spouse can elect against a will that completely disinherits him or her.

Answer(s): A

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QUESTION: 8

If a grantor establishes an irrevocable trust, the income of the trust will be taxed to the grantor if it is used to pay premiums for life insurance on the life of

a child of the grantor
the father of the grantor
the spouse of the grantor
a grandchild of the grantor

Answer(s): C

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QUESTION: 8

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