Probate estate - Study guides, Class notes & Summaries

Seg Funds and Mutual Funds Questions and Answers Already Passed On November 6, 2016 Jenny purchased a $200,000 non-registered segregated fund that invests in Canadian equities. The segregated fund has a 10 year, 75% maturity guarantee. If this fund matures on November 6, 2026 with an account value of $160,000, how much will Jenny receive from the maturity guarantee? $0 When presented with a choice between a bank's 5-year GIC and an insurance company's deferred annuity for the same time perio...

Gift splitting - ANS Allows a married couple to double their allowable annual exclusions is only allowed for married couples Ownership limited to spouses only - ANS Joint tenancy tenancy by the entirety community property Grantor retained interest Trust Grit - ANS Grantor can receive all income earned by the trust Qualified terminable interest Property Trust Q-tip - ANS Income of a Q-tip goes to the grantor's spouse Charitable lead Trust CLT - ANS The income go...

What is considered the 'Offer Date'? - Answer-When an offer is drafted, not signed. Does the date of an offer change? - Answer-No. Even if terms are changed on a following day and the offer is re-submitted, the offer date remains the same. What are the minimum requirements of using a legal name for a seller or buyer when drafting an offer? - Answer-Use the full legal names, and if the individual has one or more middle names, at a minimum identify the initial(s). Tip: Whenever possible, u...

Which of the following are NOT included in the description of land? a. The earth's surface extending downward to the center of the earth. b. A sewer system. c. Trees and water on the earth's surface. d. Formations such as hills and plateaus. (Ans- b. A property is owned as joint tenants. If one of the owners dies, a. his share of the property passes to the surviving owner immediately. b. the surviving tenant has to wait for the property to go through probate. c. the owner who died ...

CRPC Sample Tests with Complete Solutions Graded A+ Which of the following IS rue regarding the tax-destructibility of qualified long-term care insurance (QLTCI) premiums? - Answer-Individuals and couples filing jointly can deduct medical expenses that exceed 7.5% of adjusted gross income (AGI). QLTCI premiums qualify as medical expenses. Self-employed people may deduct QLTCI premiums regardless of the relationship between income and medical expenses. Partners can deduct QLTCI premiums as...

Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. If Mike dies first, the policy proceeds A.) Will no longer provide insurance protection B.) Will go to Mike's estate C.) Wwill be divided by probate D.) Will not be paid until the last brother dies - Answer-A.) Will no longer provide insurance protection Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with...

Probate Formal judicial proceedings to prove or confirm the validity of a will, to collect the assets of a decedent's estate, to pay debts and taxes, and to determine the persons to whom the remainder of the estate is to pass. Fixtures An article that was once personal property but has been so affixed to real estate that it has become real property. Lessee Tenant. Personal Property Property that is portable or unattached to the real estate. Bill of Sale A legal document used to transfer ...

Fee Simple Defeasible Estate CORRECT ANSWER An estate of inheritance that may be nullified upon the occurrence or non-occurrence of a particular event. Escheat CORRECT ANSWER The reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate and there are no heirs. Freehold Estate CORRECT ANSWER An estate in land characterized by an interest in something immobile and of an indefinite duration Common Elements CORRECT ANSWER All real prope...

Escrow Exam Questions and Answers 100% Pass Principle meridian - Correct Answer ️️ -The north-south lines separating townships 5 ways to acquire property - Correct Answer ️️ -Occupancy Accession Transfer Will Succession Escrow agent - Correct Answer ️️ -any person engaged in the business of receiving escrows for deposit or delivery Metes and bounds - Correct Answer ️️ -A method of land description which involves identifying distances and directions and makes use of both...

Wills, Trusts And Estates Final Exam Review UPDATED Actual Questions and CORRECT Answers To assist the attorney - CORRECT ANSWER- A paralegal's duties with respect to estate administration are: (1) Interim Letters (2) Preliminary Letters (3) Temporary Letters - CORRECT ANSWER- In order to operate a decedent's business during the probate process, a personal representative must obtain