QUESTION 30 The person recognized by law as the manager of a decedent's (dead persons') affairs (under a will or the laws of intestacy) is commonly known as: O a) Trustor O b) Executor or Administrator O c) Surrogate O d) Testator or Testatrix QUESTION 31 Assume that Mo is a Joint Tenant with Larry in a parcel of realty known as Tara. Assume further that Mo has a will leaving his interest in Tara to Curley Mo dies. Who gets his interest in Tara? O a) Curley O b) Larry O c) Curly & Larry as Tenants in Common O d) None of the above
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Common Law:
In regulation, precedent-based regulation is the assemblage of regulations made by judges and comparable semi legal councils by excellence expressed in composed conclusions. It is a piece of English regulation that is gotten from custom and legal point of reference rather than resolutions. The defining normal for "customary regulation" is that it emerges as a point of reference.
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- 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 SuccessionMa1. Part 3: Spouse purchased Blackacre, worth $200,000.00, as tenants by the entirety. Spouses purchased Blackacre in 1990. Upon the death of one of the spouses. a. Does an interest in property pass from the decedent o surviving spouse? b. What is the amount of the marital deduction? Part 4: Decedent leaves property in trust, the income to be paid to parent for parent’s life, and at parent’s death, the corpus to be distributed to decedent’s spouse or spouse estate. Does the transfer quality for a marital deduction?Statement 1: Pedro died giving Juan the power to appoint a person who will inherit his house and lot. Juan however, can only choose among Ana, Lorna or Fe. Juan decided to transfer the property to Fe through the former decedent’s will. The transfer from Juan to Fe is subject to estate tax. Statement 2: During Peter’s lifetime, he decided to give John as a gift his car subject to the condition that if John does not become a CPA within 3 years, Peter shall revoke the transfer. In the second year however, Peter died. The car should form part of Peter’s gross estate. Only statement 1 is correct Both statements are correct Only statement 2 is correct Both statements are incorrect
- Question #83 of 85 Henry and Rita disagree about how to manage their finances after their marriage, and their children are concerned about receiving their inheritances. Which of the following strategies would you recommend to address these issues? A) Have each spouse draft a will disinheriting the other B) Have the families enter into a family settlement agreement C) Have Henry and Rita title all of their assets as JTWROS after they get married D) Have Henry and Rita execute a premarital property agreementAssuming 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 agreementQuestion 25 Mr. Barrera, a decedent was married at the time of his death and under the system of conjugal partnership of gains. Among the properties in the gross estate were: Land, inherited before the marriage, fair market value P 5,000,000 Family home built by the spouses on the inherited land 8,000,000 How much is the allowed family home deduction based on the foregoing facts?
- 38. Which 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 spouseQuestion #59 of 85 Rhonda owns the following assets: A residence owned with her husband as joint tenants with right of survivorship A solely owned closely held business that comprises one-half of the value of her large estate A large collection of antique figurines Rhonda's will bequests $10,000 to her only niece and leaves the balance of her estate to her husband if he survives her. Because Rhonda can no longer obtain life insurance, she is looking for other methods to provide the liquidity needed for her estate. Retitling the residence she owns with her husband as tenants by the entirety Selling or giving away the antique figurines Eliminating the bequest in her will to her niece Her husband could waive the executor fees Which of the following actions would have the potential to improve the liquidity of Rhonda's estate? A) II, III, and IV B) III and IV C) I and II D) I, II, and IIIQuestion #59 of 85 Rhonda owns the following assets: A residence owned with her husband as joint tenants with right of survivorship A solely owned closely held business that comprises one-half of the value of her large estate A large collection of antique figurines Rhonda's will bequests $10,000 to her only niece and leaves the balance of her estate to her husband if he survives her. Because Rhonda can no longer obtain life insurance, she is looking for other methods to provide the liquidity needed for her estate. Which of the following actions would have the potential to improve the liquidity of Rhonda's estate? Retitling the residence she owns with her husband as tenants by the entirety Selling or giving away the antique figurines Eliminating the bequest in her will to her niece Her husband could waive the executor fees
- Please answer within 30 minutes. Please answer all three parts in details also why other options are wrong. 1. Cloud, the trustee or grantor, created a revocable trust over a certain parcel land, designating Noctis and Vaan as trustee and beneficiary, respectively. In this case, the income of the trust property is taxable to: a. Noctis. b. Vaan. c. Cloud. d. the trust 2. Which among the following is a non-resident alien? a. An alien who comes to the Philippines for a definite purpose which in its nature would require an extended stay. b. An alien who lives in the Philippines with no definite intention as to his/her stay. c. An alien who has acquired residence in the Philippines. d. An alien who comes to the Philippines for a definite purpose which in its nature may be promptly accomplished. 3. Which statement is correct regarding final income tax? a. Final tax applies only on certain passive income earned within the Philippines. b. Items of income exempt from final tax are…Ma 3 Bernice dies and, under a valid will, passes real estate to her surviving husband. The real estate is subject to a mortgage. For estate tax purposes, how is any marital deduction determined? Can Bernice’s estate deduct the mortgage in computing the taxable estate? Explain. 200 words response pleaseQuestion #59 of 85 Question ID: 1251855 Your client is terminally ill. Her potential gross estate, valued at $12.9 million, includes the following assets: A life insurance policy on her life, with a death benefit of $500,000; her deceased husband is the named beneficiary A general power of appointment (valued at $500,000) over the assets of a trust established by her husband; her children are the designated remaindermen of the trust A $500,000 retained life estate in the family residence Your client also expects to receive a $500,000 bequest within the next four months from her deceased sister's estate; the client's children are the contingent beneficiaries of the bequest. Your client would like to transfer a portion of her estate to her two children while she is alive to reduce her potential estate tax liability to the greatest extent possible. Which one of the following exclusion techniques would be the most appropriate to reduce the value of your client's potential gross…