QUESTION: 185

The primary objective in estate planning is to

preserve the marital deduction and applicable credit amount credit
reflect accurately the client's wishes concerning the disposition of his or her wealth
reduce estate taxes to the lowest amount possible
prevent the intestate distribution of assets

Answer(s): B

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QUESTION: 186

Which of the following statements concerning the generation-skipping transfer tax (GSTT) is correct?

The applicable credit amount may be applied against generation-skipping transfers.
An annual exclusion is available for direct skip gifts to a grandchild.
The GSTT is inapplicable to transfers to nonrelated transferees.
The GSTT is imposed only if no federal estate or gift tax applies to a transfer.

Answer(s): B

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QUESTION: 187

Which of the following statements concerning both the joint tenancy with right of survivorship and the tenancy by the entirety forms of real property ownership is correct?

Both forms of ownership are restricted to two equal owners at any one time.
Both forms of ownership provide that an owner can sell his interest in the property at any time without destroying the form of ownership.
Both forms of ownership provide that a deceased owner's interest passes to the surviving owner.
Both forms of ownership are restricted to husband and wife.

Answer(s): C

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QUESTION: 188

All the following statements concerning an estate for a term of years are correct EXCEPT:

An interest may extend beyond the lifetime of the grantor.
The tenant may transfer the property at the end of the term of his interest.
The tenant has the right to possess the property during the term of his interest.
It is an interest in property established for a specific duration.

Answer(s): B

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QUESTION: 185

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QUESTION: 188

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