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Question 1 (2 points) Which of the following does NOT generally have to be filed by April 15? Question 1 options: Federal Income Tax Return

Question 1 (2 points)

Which of the following does NOT generally have to be filed by April 15?

Question 1 options:

Federal Income Tax Return

Federal Estate Tax Return

Federal Gift Tax Return

Most state income tax returns

Question 2 (2 points)

Which of the following states imposes an inheritance tax on successors?

Question 2 options:

Wyoming

Minnesota

South Carolina

Kentucky

Question 3 (2 points)

Bob and Mary have a son, Steven, and a granddaughter, Kelly. If Bob made a transfer of interest in property to Kelly, who would be the skip person?

Question 3 options:

Mary

Bob

Kelly

Steven

Question 4 (2 points)

Which of the following does the personal representative NOT have to file?

Question 4 options:

Federal Individual Income Tax Return

State Estate Tax Return

Federal Sales Tax Return

State Individual Income Tax Return

Question 5 (2 points)

Which is an example of a Qualified Terminable Interest Property (QTIP) property?

Question 5 options:

A life insurance policy with a one-time lump sum payment to the surviving spouse

An automobile

A homestead

A trust with a life interest to the surviving spouse and remainder to the children

Question 6 (2 points)

Which is NOT a way in which an estate planner can use trusts to benefit family members?

Question 6 options:

Identify the estate assets and the beneficiaries who are to receive them.

Diminish problems such as will contests.

Reduce federal and state death taxes.

Avoid probate.

Question 7 (2 points)

To qualify for the charitable deduction, a gift cannot be made to a(n):

Question 7 options:

Private school

Religious charity

Individual

Library

Question 8 (2 points)

Which is NOT a major type of life insurance?

Question 8 options:

Universal life insurance

Whole life insurance

Term life insurance

Custodial life insurance

Question 9 (2 points)

Which is NOT a potentially adverse factor that could diminish any estate?

Question 9 options:

Administration expenses

Trusts that transfer property after the deaths of both spouses

Forced liquidation

Termination of employment

Question 10 (2 points)

Which is NOT a common method of reducing the gross estate?

Question 10 options:

Life insurance

Trusts that do not avoid multiple taxation

Gifts made during the donors lifetime

Special power of appointment

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