A trust account journal does not need to include which of the following information? A social security or tax ID number of the beneficiary A running balance after each receipt or disbursement The date name of the payee check number reference to vendor document and amount for each disbursement The date name of the payor name of the principal and amount for each receipt PLEASE EXPLAIN WHY THE OPTION IS CORRECT AND REMAINING INCORRECT NEED ANSWER IN DETAIL

A trust account journal does not need to include which of the following information? A social security or tax ID number of the beneficiary A running balance after each receipt or disbursement The date name of the payee check number reference to vendor document and amount for each disbursement The date name of the payor name of the principal and amount for each receipt PLEASE EXPLAIN WHY THE OPTION IS CORRECT AND REMAINING INCORRECT NEED ANSWER IN DETAIL

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 16DQ

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For the following definitions, indicate the type of trust being described by selecting the correct answer from the dropdown. option for answer - blind trust, life insurance trust, living (revocable) trust, divorce trust, trust for minors a. Holds life insurance policies on the insured. b. Provides funds for a college education or other needs, shifts income to other taxpayers, and transfers accumulated income without permanently parting with the underlying assets. c. Manages assets, reduces probate costs, provides privacy for asset disposition, protects against medical or other emergencies. d. Manages the assets of an ex-spouse.
What is the difference between a testamentary trust and an inter vivos trust. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals. A testamentary trust is created by a will; an inter vivos trust is created by a living individual. A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party. A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.
What is the purpose of a closing memo or closing checklist for a registry office closing? The buyer’s deposit is usually made payable to the real estate broker in trust. When the transaction closes, the broker can take the deposit from the trust account and apply it to the real estate commission.What if the deposit is not enough to cover the commission?
What is the difference between a testamentary trust and an inter vivos trust? Choose the correct.a. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals.b. A testamentary trust is created by a will; an inter vivos trust is created by a living individual. c. A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party. d. A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.
The trust department of a bank would be interested in participating in all of the following activities EXCEPT a.manager of a small savings account. b.conservator of the estate for an incompetent person. c.guardian of the estate of a minor. d.trustee for an insurance proceeds trust.
An estate agent must ensure that the computerised accounting system for the estate agency business is not capable of deleting a trust ledger account unless two (2) requirements are met - What are they?
If a transferor is concerned about shielding his assets from a creditor, which of the following transfer techniques should he utilize? I. He should create a testamentary bypass trust. II. He should transfer his assets to an UTMA for his minor child. III. He should transfer his assets to a Section 2503(c) minor's trust and name an independent trustee. IV. He should execute a payable on death designation on his bank account. A) II only B) I, III, and IV C) II and III D) II, III, and IV
An insurance broker whose registration is "restricted to oftine following activities? Acting Under Supervision" may NOT perform which one (1)•Sign letters to members of the public recommending insurance coverage.•Solicit insurance except in the presence of their supervisor.•Deposit insurance premiums in their own trust bank account.•Collect premiums on behalf of the insurance broker by whom they are employed.
Which of the following statements are correct regarding the characteristics of a conservatorship (guardianship of the estate) used to care for an incompetent person's property? I. the powers of the conservator are set forth in either a revocable living trust or a contingent standby trust. II. the conservator may have to file annual reports regarding the status of the assets under his care. III. the conservator may be required to post a performance bond. IV. the conservator has a fiduciary duty to care for the incompetent person's property. A) I, II, III, and IV B) I and II C) II, III, and IV D) I and IV
Finance Funds deposited into an Individual Retirement Account by an investor can be withdrawn without any restrictions at any time, as long as they are funds deposited by the investor and not by an employer. True Or False
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Amounts that come from accounts of unvested employees that can be directed/contributed to the accounts of other employees who participate and remain in the plan are known as what? Select one: a. Matching contributions b. Excess contributions c. Forfeitures d. Rollover contributions