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- 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 IVWhich 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 deathWhich of the following are interests that must go through probate? A residence that goes to the decedent's spouse and children according to the intestate succession statute Shares of stock bequested to the decedent's brother A bond that is community property, which passes to the surviving spouse Life insurance proceeds payable to the decedent's spouse A) I and IV B) I, II, and III C) II only D) II and III
- 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 partnerThe holding period for property acquired by inheritance begins on the date of the decedent's death and thus determines whether the gain or loss on disposition is long-term or short-term. True or falseWhich of the following is not part of decedent’s interest for estate tax purposes? A. Income that have accrued after the death of the decedent.B. Partnership profits that have accrued before the death of partner.C. Proceeds of life insurance policy payable to a revocable beneficiary.D. Dividends declared by a corporation before death of stockholder although paid after death, if thedecedent was living on the record date.
- Assuming Nicanor is head of the family, how much is the NET DISTRIBUTABLE ESTATE?Zac Peterson’s estate reports the following information: What is the taxable estate value?49 Nicanor, in his will, devised a property to Inday who incidentally is also a witness to his will. In this case, the devise or legacy to Inday shall be distributed upon death under Group of answer choices Estate Taxation Testamentary Succession Mixed Succession Legal or Intestate Succession
- 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 IIAre heirs oblige/responsible/liable to file and pay for the Estate Tax of the Estate?