1. Which of the following statements concerning qualified disclaimers of gifted property is (are) correct?

I. The disclaimer must be in writing.

II. The person making the disclaimer may direct who is to be the recipient of the gifted property.

a) I only

b) II only

c) Both I and II

d) Neither I nor II

2. Which of the following statements concerning grantor-retained annuity trusts (GRATs) is (are) correct?

I. These trusts provide the grantor with a fixed annual annuity for a term of years or life

II. A goal in establishing a GRAT is to transfer property at a reduced transfer tax cost.

a) I only

b) II only

c) Both I and II

d) Neither I nor II

3. Which of the following statements concerning valuation for gift tax purposes is (are) correct?

I. The value of a life insurance contract is equal to the aggregate gross premium paid, regardless of when the contract was gifted.

II. If blockage exists, a lower gift value is permitted for shares of stock because of the effect of dumping a large number of shares on the market at one time.

a) I only

b) II only

c) Both I and II

d) Neither I nor II

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

I. A will may be revoked by the testator prior to his or her death.

II. An adult child may be disinherited entirely by a parent in most states.

a) I only

b) II only

c) Both I and II

d) Neither I nor II