An inter vivos trust Samenvattingen, Aantekeningen en Examens

The following questions are based on the material in the textbook “Advanced Income Tax Law” by Peter Baker, Geoff Cliff & Sonia Deaner, 15th Edition (January 2018) Activity instructions to candidates • This is an open book assessment activity. • You may use a financial calculator or computer application to help calculate values • You are required to read this assessment and answer all questions that follow. • Please type your answers in the spaces provided. • Please ens...

NALA Certified Paralegal Exam Terms and Concepts Questions with complete solution 2023/2024 Estate administration - correct answer The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. inter vivos trust - correct answer A trust created by the grantor (settlor) and effective during the grantor's lifetime...

PA Life and Health Questions and Answers Already Passed Damon purchased a 10-pay life policy at age 35. He can expect it to be paid up by age 45 With respect to life policies, all of the following are subject to federal income tax EXCEPT policy proceeds paid in lump sum Which of the following types of health insurers provide the majority of their benefits on a service basis, meaning the insurer pays the health services provider directly rather than reimbursing the subscriber? In...

The following questions are based on the material in the textbook “Advanced Income Tax Law” by Peter Baker, Geoff Cliff & Sonia Deaner, 15th Edition (January 2018) Activity instructions to candidates • This is an open book assessment activity. • You may use a financial calculator or computer application to help calculate values • You are required to read this assessment and answer all questions that follow. • Please type your answers in the spaces provided. • Please ens...

NALA Certified Paralegal Exam Terms and ConceptsEstate administration - correct answer The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. inter vivos trust - correct answer A trust created by the grantor (settlor) and effective during the grantor's lifetime—that is, a trust not established by a will...

PROPERTY Ownership Ownership of real property may be transferred by sale, gift, upon death by devise (will) or intestate succession. - Present Possessory (Freehold) Estate: an estate must be immobile and for an indeterminate duration; the owner has the right to currently possess the property - Future Interests: an interest in presently existing property or in a gift or trust; the use, possession, or enjoyment may start sometime in the future - Concurrent Estate: ownership or possession of r...

Alabama Real Estate Exam Already Graded A+ Special or Specific Agency ️The Principal gives the agent authority to do one specific thing-sell property. They enter into a contract that stipulates how the task will be done-multiple listings of the property, commission paid etc. General ️Principal and agent enter into a contract giving the agent the authority to conduct several activities-show property to renters, check references and negotiate leases. Designated agency ️A dual age...

ATT Exam #1 Questions with 100% Correct Answers Personal Residence Grantor Retained Interest Trust - Answer-Gift and estate planning. Inter vivos trust when grantor retains the right to occupy trust property as a personal residence for a term of years. Remainder goes to family members. The grantor cannot be the holder of an interest in more than two such trusts at the same time. Tax consequences to grantor include the normal deductions relative to ownership of a personal residence such as ...

TN timeshare study guide latest 2023 rated A+ If there is a complaint against licensee, they must answer in how many days? 10 days If a customer sees a timeshare and buys it how long do they have to cancel the purchase? 10 days If the customer does not see the time share and buys it how long do they have to cancel the purchase? 15 days If customer cancels purchase how long does the developer have to refund all the monies? 30 days If a public offering statment is incomplete how long do you h...

Crummey Trust - Answer-Gift tax planning. Beneficiary is given a Crummy withdrawal power, a limited non-cumulative power to withdraw principal or income. This power enable the transfer to be eligible for the annual gift tax exclusion. The beneficiary is considered the owner of the amount he has the right to withdraw and is taxed on a pro-rata share. If the beneficiary leaves the assets in the trust, it will accumulate for future distribution for him. The benny will be taxed on a prorata sh...