In addition to substantial probate assets, a married man with two minor children has a $1,000,000 ordinary life insurance policy payable to his estate. He wants to make certain that if he predeceases his wife the death proceeds will be available to provide income for his wife during her lifetime and to provide for their two children after her death. He would like the policy and/or its death proceeds to be as free of federal gift and estate taxes as possible with respect to both him and his wife. Which of the following courses of action would best accomplish these objectives?
Answer(s): A
Which of the following types of partial interests in property may be allowed a charitable deduction for estate tax purposes?1. A remainder interest in the donor vacation home2. A testamentary gift of a percentage of a decedent entire interest in property held in trust
Answer(s): C
To determine whether a taxable gift has been made, the IRS focuses on all the following factors EXCEPT:
Which of the following statements concerning the so-called "kiddie-tax" on unearned income of children under age 14 is (are) correct?1. The rules apply to earned income of the children.2. The rules apply to trust income received by a child under age 14 only if the trust was established by the child's parents.
Answer(s): B
Which of the following life insurance settlement options will qualify for the federal estate tax marital deduction? 1. Proceeds left to the surviving spouse under the interest option, with interest payable to the surviving spouse who has the unrestricted right to withdraw proceeds and with any proceeds not withdrawn payable equally to her children per stirpes2. Proceeds left to the surviving spouse under an installment option, with any installments remaining at her death to be commuted and paid to her estate
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