An inter vivos trust - Study guides, Class notes & Summaries

NALA Certified Paralegal Exam Terms and ConceptsEstate administration - correct answer The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. inter vivos trust - correct answer A trust created by the grantor (settlor) and effective during the grantor's lifetime—that is, a trust not established by a will...

AWMA - Module 7 Quiz Estate Planning for High Net Worth Clients Exam Questions With Accurate Answers. Which of the following are the only exceptions to an estate transfer being subject to the GSTT when a gratuitous completed inter vivos transfer is a generation-skipping transfer? 1. The transferor makes payments directly to the recipient for medical expenses 2. The transferor makes direct payments of medical expenses to the medical provider on behalf of the recipient 3. The transferor ma...

The following questions are based on the material in the textbook “Advanced Income Tax Law” by Peter Baker, Geoff Cliff & Sonia Deaner, 15th Edition (January 2018) Activity instructions to candidates • This is an open book assessment activity. • You may use a financial calculator or computer application to help calculate values • You are required to read this assessment and answer all questions that follow. • Please type your answers in the spaces provided. • Please ens...

Alabama Real Estate Exam Already Graded A+ Special or Specific Agency ️The Principal gives the agent authority to do one specific thing-sell property. They enter into a contract that stipulates how the task will be done-multiple listings of the property, commission paid etc. General ️Principal and agent enter into a contract giving the agent the authority to conduct several activities-show property to renters, check references and negotiate leases. Designated agency ️A dual age...

The following questions are based on the material in the textbook “Advanced Income Tax Law” by Peter Baker, Geoff Cliff & Sonia Deaner, 15th Edition (January 2018) Activity instructions to candidates • This is an open book assessment activity. • You may use a financial calculator or computer application to help calculate values • You are required to read this assessment and answer all questions that follow. • Please type your answers in the spaces provided. • Please ens...

PROPERTY Ownership Ownership of real property may be transferred by sale, gift, upon death by devise (will) or intestate succession. - Present Possessory (Freehold) Estate: an estate must be immobile and for an indeterminate duration; the owner has the right to currently possess the property - Future Interests: an interest in presently existing property or in a gift or trust; the use, possession, or enjoyment may start sometime in the future - Concurrent Estate: ownership or possession of r...

TAX3703 - Taxation of Estates Study Guide (Summary Notes And Revision Questions). What is estate planning? Estate planning enables people to arrange their financial affairs in such a way that they can enjoy maximum benefit from their assets during their lifetime and that their heirs can derive maximum benefit after their (the estate planners') death. Estate planning is a process consisting of two phases. One phase takes place during the planner's lifetime and the other phase happens after ...

TAX3703 - Taxation of Estates Study Guide (Summary Notes And Revision Questions). What is estate planning? Estate planning enables people to arrange their financial affairs in such a way that they can enjoy maximum benefit from their assets during their lifetime and that their heirs can derive maximum benefit after their (the estate planners') death. Estate planning is a process consisting of two phases. One phase takes place during the planner's lifetime and the other phase happens after ...

Which of the following are sources of law used in the American Legal System? - ANSWER-Statutes, case law, and regulations Statutory Law is created by what branch? - ANSWER-It is created by the legislative branch What is case law? - ANSWER-What the courts use to interpret and apply the law What is canon law? - ANSWER-A legal system used exclusively by religious organizations What is civil law? - ANSWER-A legal system used mainly in foreign countries where the only task of the court is...

TEST BANK for Canadian Income Taxation Planning and Decision Making, 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman, Abraham Iqbal, ISBN-7. All Chapters 1-23. (Complete Download) Version 1 1 CHAPTER 1 1) Which of the following is not considered to be a separate entity for tax purposes in Canada? A) An individual B) A proprietorship C) A corporation D) A trust 2) Which of the following attitudes and actions is most likely to help decision-makers develop an efficient app...