1. Which of the following statements concerning ownership rights is (are) correct?

I. If one is the legal owner of property, he or she must also be the equitable owner.

II. A trustee has beneficial ownership of property in his or her care.

a) I only

b) II only

c) Both I and II

d) Neither I nor II

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

I. The tax rate applied is the top federal estate tax rate.

II. Direct-skip transfers are exempt from the tax

a) I only

b) II only

c) Both I and II

d) Neither I nor II

3. Which of the following statements concerning a revocable trust is (are) correct?

I. It avoids probate

II. It enables the grantor to save income taxes.

a) I only

b) II only

c) Both I and II

d) Neither I nor II

4. Which of the following statements concerning the marital deduction is (are) correct?

I. Federal estate tax and state death taxes may be payable from a surviving spouses share of the estate.

II. Subject to certain qualifying provisions, terminable interests passing to a surviving spouse can qualify for the marital deduction.

a) I only

b) II only

c) Both I and II

d) Neither I nor II