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CSM 420 Exam 3 Possible T-F Questions and Answers Fully Solved
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CSM 420 Exam 3 Possible T-F
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CSM 420 Exam 3 Possible T-Ft/f: a gift of a remainder interest to a trust qualifies for the annual exclusion if the trust
can only pay for medical expenses - answer false
t/f: gifts of present interest qualify for the annual exclusion - answer true
t/f: the prudent man rule describes the standard of performance to which the
beneficiaries of a trust should be held - answer false
t/f: one advantage of the unlimited marital deduction is that the payment of any estate
taxes can be deferred until the death of the surviving spouse - answer true
t/f: the executor can make an election to the value the estate nine months after the date
of death - answer false
t/f: if billy dies holding a general power of appointment, then billy's probate estate will
include all assets under the general power of appointment - answer true
t/f: property disclaimed by a surviving spouse will still qualify for the unlimited marital
deduction - answertrue
t/f: the crummey provision creates a present interest - answertrue
t/f: a private annuity will usually require the buyer to post collateral - answerfalse
t/f: the unused portion of the annual gift tax exclusion can pass to the spouse if
portability is elected - answertrue
t/f: probate retitles assets - answertrue
t/f: you can deduct the time you spend volunteering - answerfalse
t/f: there can only be two owners for assets titled tenancy by the entirety - answertrue
t/f: gifts of cash to a private charity allow for a deduction of up to 60% of AGI -
answerfalse
t/f: durable powers of attorney are irrevocable - answerfalse
t/f: the legal capacity requirement to make a will is higher the capacity rules required to
form legal contracts - answerfalse
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