Question
1- Which of the following statements regarding the income from a QTIP trust is(are) CORRECT? 1. The income must be made payable over the lifetime
1- Which of the following statements regarding the income from a QTIP trust is(are) CORRECT?
1. The income must be made payable over the lifetime of the surviving spouse. 2. The income must be paid at least annually to the surviving spouse. 3. There must be no conditions on the payment of income to the surviving spouse. 4. The income must be exclusively for the benefit of the surviving spouse.
A. 1 only
B. 1, 2, and 3
C. 2 and 4
D. 1, 2, 3, and 4
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2. Which of the following assets avoid probate?
1. Property held within an irrevocable trust
2. Property owned as joint tenancy with right of survivorship
3. Assets for which the beneficiary is the estate of the decedent
4. Proceeds of a life insurance policy with a named beneficiary other than the estate of the decedent
A. 1 and 2 B. 1, 2, and 4 C. 3 and 4 D. 1, 2, 3, and 4
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