Amount receivable by the estate of the deceased, his executor or administrator as a beneficiary under policy taken by the decedent upon his own life is: * excluded from gross income. part of gross income whether the beneficiary is revocable or irrevocable. part of gross income if the beneficiary is irrevocable. none of the above

Amount receivable by the estate of the deceased, his executor or administrator as a beneficiary under policy taken by the decedent upon his own life is: * excluded from gross income. part of gross income whether the beneficiary is revocable or irrevocable. part of gross income if the beneficiary is irrevocable. none of the above

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter10: Probate Courts And Uniform Laws

Section: Chapter Questions

Problem 7RQ

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Similar questions

Which of the following life insurance proceeds is not included in the gross estate of the deceased? A. Insurance proceeds with SSS.B. Insurance proceeds where the beneficiary is a third person revocably appointed.C. Insurance proceeds under a group insurance taken out by the employee for himself as beneficiary.D. Insurance proceeds covering the life of the insured decedent where the estate of the deceased, hisexecutor or administrator is the beneficiary whether or not the insured retained the power of revocation.
Accrued interest at the time of a decedent’s death would be interest income and considered part of estate income rather than principal. True or False
Assuming that a decedent left no valid last will and testament, which of the following assets will pass by the laws of intestate succession? Property in an inter vivos trust established by the decedent in which the decedent was the income beneficiary at the time of death, and the decedent's children were remainder beneficiaries Property held by the decedent and his spouse as tenants in common Property held by the decedent and his spouse as community property Property in an inter vivos trust established by the decedent's father in which the decedent was the income beneficiary at the time of death, and the decedent's children were remainder beneficiaries A) I and II B) I, II, and IV C) II and III D) III and IV
Under what circumstance does an estate have an executor? Multiple Choice When there is no valid will. When the estate exceeds the dollar amount of the estate tax exemption. When the will establishes a trust fund. When the will is contested. When the will names a specific person to administer the estate.
Assuming that a decedent left no valid last will and testament, which one of the following assets will pass by the laws of intestate succession? A) A money market account at his bank that was held in the decedent’s name that was payable on death (POD) in favor of his spouse B) A life insurance policy on the decedent/grantor’s life placed into an irrevocable life insurance trust (ILIT) for the benefit of the decedent’s children two years prior to the decedent’s death C) Assets placed in an inter vivos irrevocable trust in which the decedent/grantor was the sole income beneficiary and the decedent’s children were the remainder beneficiaries D) Assets held by the decedent and his or her spouse as community property in a community property state that were designated community property by a nuptial agreement
For a decedent who has left a last will and testament, which of the following correctly state issues that may have to be proved in the probate proceeding? Whether the will was validly executed Whether the will disposes of all probate property Whether the decedent's gross estate exceeds the applicable exclusion amount Whether any trusts described in the will are entitled to the marital or charitable deduction A) II and IV B) III and IV C) I, II, and III D) I and II
What is a remainderman? A beneficiary that receives the principal left in an estate or trust after a specified time. The beneficiary of the decedent’s life insurance policy. An executor or administrator after an estate has been completely settled. If a legacy is given to a group of people, the remainderman is the last of the individuals to die.
in intestacy, what relative of the deceased generally ranks lowest in the hierarchy for the distribution of the estate assets? A. nieces and nephews B. Parents C. childeren D. spouse or common-law partner
Which of the following would not be included in the corpus or principal of an estate? a. accrued interest and declared dividends on investments held by decedent b. personal valuables c. life insurance proceeds where designated beneficiary is the estate d. all of the above are included
What is the process of abatement? Select one: a.The establishment of how the creditors will be paid. b.Payment of the claims of creditors. c.An attempt to determine the deceased's intentions when the terms of the will are unclear. d.Selling of assets included in an estate to be able to pay creditors. e.A reduction of various bequests when the estate is not adequate to satisfy them completely.
54 Accountant’s and lawyer’s fees spent during settlement of estate, though non-deductible, are in the nature of? Group of answer choices Funeral expenses Deductions from gross estate Medical expenses Judicial expenses
Which of the following assets would be transferred by applicable intestate succession statutes at an intestate decedent's death? A) An income interest at death in the assets of an irrevocable trust that she established and funded B) Assets the decedent gifted prior to death in which she had no retained interest at death C) Assets that she owned and had made a payable on death (POD) designation prior to her death D) An asset in which the decedent held a tenancy in common interest at death