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QUESTION NO: 6

Which of the following terms applies to the blending together of separate and community properties of

spouses in community-property states?

A. Inception

B. Transmutation

C. Commingling

D. Proration

Correct Answer: C

QUESTION NO: 7

All the following statements concerning wills are correct EXCEPT:

A. Once a person is named as an executor in a will, he or she is required to serve.

B. A codicil is a valid modification of a will.

C. A testator may lose the capacity to revoke a will prior to death.

D. In most states a surviving spouse can elect against a will that completely disinherits him or her.

Correct Answer: A

QUESTION NO: 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. a child of the grantor

B. the father of the grantor

C. the spouse of the grantor

D. a grandchild of the grantor

Correct Answer: C

QUESTION NO: 10

Which of the following statements concerning executors is correct?

A. An executor can be given broad and discretionary powers with respect to the management of the

estate.

B. All executors must post bonds.

C. The executor must be a licensed attorney in the decedent’s state of domicile.

D. The executor named in the will of a deceased person is automatically authorized to act.

Correct Answer: A

QUESTION NO: 3

The following are facts concerning a decedent’s estate:

– Taxable estate $1,800,000

– Pre-1977 taxable gifts 100,000

– Post-1976 adjusted taxable gifts 150,000

– Post-1976 gifts made to a qualified charity 200,000

A. $1,800,000

B. $1,950,000

C. $1,650,000

D. $2,150,000

Correct Answer: B

QUESTION NO: 4

Items that are deductions from a decedent’s gross estate in determining his adjusted gross estate include

which of the following?

– Foreign death taxes

– State death taxes

A. Neither 1 nor 2

B. Both 1 and 2

C. 1 only

D. 2 only

Correct Answer: A

QUESTION NO: 5

All the following trust provisions avoid causing the inclusion of an irrevocable life insurance trust in an

insured’s gross estate EXCEPT

A. a trustee’s power to pay estate expenses

B. a trust beneficiary’s power to withdraw contributions to the trust

C. a trustee’s power to loan assets to the estate at the trustee’s discretion

D. a trustee’s power to purchase assets from the estate at the trustee’s discretion

Correct Answer: A

QUESTION NO: 2

In which of the following situations will the grantor be taxed on income from trust property.

– The grantor of a trust gives one of the trust beneficiaries the right to add or delete beneficiaries.

– An adverse party to the grantor holds the power to determine the timing of trust distributions to the

beneficiaries.

A. 1 only

B. Both 1 and 2

C. 2 only

D. Neither 1 nor 2

Correct Answer: D

QUESTION NO: 11

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

– An annual exclusion against GSTT will shelter gifts by a grandparent to a trust benefitting multiple

grandchildren.

– Tuition payments made directly by a grandparent to a university for a grandchild’s education are exempt

from GSTT.

A. Neither 1 nor 2

B. 1 only

C. Both 1 and 2

D. 2 only

Correct Answer: D

QUESTION NO: 1

Many trust instruments provide for the removal of the original trustee. Valid reasons for removing the

original trustee include which of the following?

– A shift in trust situs is desirable because of changes in law.

– The beneficiary has moved his or her residence to a distant state.

A. Neither 1 nor 2

B. 1 only

C. Both 1 and 2

D. 2 only

Correct Answer: C

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