The tax base for the transfer tax on estate-held property is generally fair market value, but discounts are applied that reduce the tax base for closely held stocks, real estate, and large blocks of listed securities.

a. Trueb. False

A trust is a legal relationship in which the grantor transfers property to a trustee who is to manage the property for the benefit of the beneficiary, who must be someone other than the grantor.

a. Trueb. False

An ethical will is a(n)

a. will drawn up properly under state law.

b. type of will used to set up a foundation named for the deceased.

c. informal personal statement of values, blessings, and hopes and dreams for the future.

d. type of will where most of the assets are left to the family.