Question 6 (1 point)

All of the following are trusts that will qualify for the marital deduction except:

Question 6 options:

	QTIP Trust
	Estate Trust
	Portability Trust
	Power of Appointment Trust

Question 7 (1 point)

All of the following statements regarding disclaimers are true except:

Question 7 options:

	The testator may rely on disclaimers to satisfy his estate planning objectives
	A disclaimer is a refusal by a beneficiary to accept benefits from a lifetime or testamentary transfer
	Qualified disclaimers may be utilized as a flexible post-mortem estate planning strategy
	A disclaiming party has absolutely no tax consequences associated with a qualified disclaimer

Question 8 (1 point)

Michelle Fenner is the qualified plan trustee for the defined benefit plan held by Flatt Tire Company. Flatt Tire uses life insurance as part of their qualified defined contribution plan. Currently, the cash value of the life insurance policies in the plan amounts to $50,000. Ms. Fenner can borrow against the cash value of the life insurance policies held in the plan.

Question 8 options:

	True
	False

Question 9 (1 point)

Mandy Thomas, age 47, is the owner of The Golf Pro Shop. Mandy wants to retire at age 55. The company adopted a defined benefit plan 2 years ago, 3 years after the business opened. Mandy wants to increase the amount that she contributes to her own retirement. Mandy can

Question 9 options:

	increase the amount, but must also contribute to all other company employee accounts by the same proportion
	she cannot increase her contribution
	increase the amount, but maximum benefit will be cut in half because the plan is less than 10 years old
	increase the amount without limit
	increase the amount within limits set by the Internal Revenue Code

Question 10 (1 point)

Anchor Hardware Store has a SEP and a qualified profit sharing plan. When Anchor Hardware makes a contribution to the SEP, contributions to the qualified profit share plan are not affected.

Question 10 options:

	True
	False