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AAMS Module 9 Questions and Answers (100% Pass)
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AAMS Module 9 Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Tuesday, July 23, 2024 10:52 AMAAMS Module 9 Questions and Answers (100% Pass)
Tenancy in common is a form of property ownership that - ✔️✔️will require probate upon the
death of a tenant.
An investment professional who is not an attorney is engaged in the unauthorized practice of law
when he or she counsels a client regarding the - ✔️✔️validity of a living will.
All of the following assets would be included in a decedent's gross estate except - ✔️✔️the
decedent's vested interest in a single life annuity on the decedent's life.
A tax disadvantage of making a lifetime gift rather than a transfer at death is that - ✔️✔️the gift
tax exclusion amount is not portable between spouses, but the estate tax exclusion amount is
portable.
Which one of the following statements about the marital deduction is false? - ✔️✔️The limit on
the marital deduction for gift tax is lower than the limit for the estate tax marital deduction.
A Crummey power is - ✔️✔️a type of power of appointment.
A custodial account for a minor is - ✔️✔️required to terminate when the minor reaches the age of
majority as specified by state law.
All of the following assets in a decedent's estate require probate except - ✔️✔️the decedent's
interest in property held in joint tenancy with right of survivorship that the decedent left to his
son in his will.
If a decedent dies intestate, - ✔️✔️her property that does not pass by will substitute will be
distributed according to her state's intestate succession statute.
A contingent (standby) trust - ✔️✔️is funded at some point in time after it is initially established.
The contingent trust is funded if, and only if, the grantor becomes incompetent, which may be
many months or years after it is established.
A recipient of gifted property - ✔️✔️receives the donor's income tax basis if the value of the
property equals or exceeds the donor's basis.
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