What is the purpose of the laws of distribution? Choose the correct.a. To guide the distribution of personal property when an individual dies without a will.b. To verify the legality of a will, especially an oral will.c. To guide the distribution of real property when an individual dies without a will.d. To outline the functions of the executor of an estate.

Q: What is the alternate date for valuing the assets of an estate? When should this alternate date be…

A: The alternate date for valuing the assets of an estate is the date after six months from the date of…

Q: What is the objective of the process of abatement? Choose the correct.a. To give legal structure to…

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Q: The holding period for property acquired by inheritance begins on the date of the decedent's death…

A: The concept given here is on period of holding asset from inheritance, whether be long term or short…

Q: give an example of a situation where someone has loaned an item of personal property to someone,…

A: Loans are the common ways of borrowing a sum of money from individuals or from financial…

Q: What is the difference between a testamentary trust and an inter vivos trust. A testamentary trust…

A: Testamentary trust: A testamentary trust is a trust that is made in the lifetime of the grantor but…

Q: He or she should have geographical proximity to the major assets of the estate. He or she should not…

A: Personal representative are needed when there is no will left to settle the property and assets.…

Q: Which of the following are characteristics of the probate process? It provides for distribution of…

A: Probate is a legal procedure to ensure that any person's assets should be distributed as per his…

Q: What are the responsibilities of the executor of an estate?

A: Anyone can be an executor. It is usually one of the nominees or the person benefitting from the…

Q: Amounts receivable by the estate of the deceased, his executor or administrator as an insurance…

A: Under section 85(E) of the national internal revenue code, insurance shall be computation of the…

Q: In recording the transactions of an estate, when are liabilities recorded? When incurred. At the…

A: Identify the correct option out of the given statements:   Debt, taxes and other obligations are…

Q: What is the proper methods of accounting for and administering an estate and the corresponding legal…

A: Estate planning: When a discussion arises on estate planning, accounting of the same means to…

Q: What is a remainderman? A beneficiary that receives the principal left in an estate or trust after…

A: Charitable remainder trust:   In charitable remainder trust, all the income of the estate is given…

Q: Which of the following is not a true statement?a. Testate refers to a person having a valid will.b.…

A: Testate means a person who has died and has a valid will to be executed   Whereas, Intestate means a…

Q: How does a devise differ from a legacy? Choose the correct.a. A devise is a gift of money and a…

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Q: What is the role of trusts in estate planning?

A: The process of managing the assets of an individual or an organization until the death of the…

Q: The payment of legacies by an estate must follow an order of priority that requires general legacies…

A: The payment of legacies by an estate need not follow an order of priority that requires general…

Q: What is the difference between a testamentary trust and an inter vivos trust? Multiple Choice A…

A: Inter vivos (living) trusts is created when an individual is still alive in order to name the…

Q: What is the purpose of the process of abatement? How does the executor of an estate utilize this…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: How to calculate the inheritance amount?

A: Inheritance Tax is a tax on the all property, possessions and money of someone who has died. In the…

Q: What is the purpose of the laws of distribution? To guide the distribution of personal property…

A: When there does not exist any valid will then the state law takes the control of the administration…

Q: Accountant’s and lawyer’s fees spent during settlement of estate, though non-deductible, are in the…

A: 1.Funeral expenses is incorrect because it is an expense which is not incurred for funeral. 2.…

Q: Which one of the following statements best describes the most important feature of a support trust?…

A: The support trust is a special arrangement to pay beneficiaries for their education and support. The…

Q: What is the difference between a testamentary trust and an inter vivos trust? Choose the correct.a.…

A: A testamentary trust is a irrevocable trust which is created after the death of a person as it is…

Q: In the initial accounting for an estate, why does the executor record only the assets?

A: Estate: Estate consists of the net worth of the individual. It includes all the land possession,…

Q: Which of the following are ways by which title to personal property can be obtained? O a)…

A: Personal property is a term used to refer to those assets which are movable in nature.

Q: What is the purpose of the charge and discharge statement that the executor of an estate issues?

A: Charge and Discharge Statement: To show the progress of the settlement of the estate, the executor…

Q: Other than financial considerations, why should individuals consider preparing a valid will?

A: Valid will: This must comply with the legal requirements that are to be considered as a valid will…

Q: If a person dies without leaving a valid will, how is the distribution of property regulated?

A: Definition:   Intestate: When a decedent dies without any valid will then this situation is called…

Q: state

A: The ethical implications of the estate, inheritance, and gift taxes are as follows :-  (I) Estate…

Q: These statements are presented to you for evaluation: Statement I – When property is transferred in…

A: The total financial amount of an individual's assets and property at the time of death is referred…

Q: What are the differences between a devise, a legacy, and a bequest?

A: Will:   A will is a statement made in the lifetime of the person. In his or her will, a person…

Q: Which of the following is Which of the following is not a true statement? Testate refers to a…

A: Testate means a person who has died and has a valid will to be executed Whereas, Intestate means a…

Q: Which of the following is correct? The gain basis for property received by gift is the lesser of…

A: The tax basis of inherited or gifted property: Various tax rules are given under Federal tax in…

Q: What claims have priority to the distributions made by an estate?

A: Probate laws: After the death of decedent, in order to seek the problems of how his property should…

Q: Which of the following is not a goal of probate laws? To gather and preserve all of the decedent’s…

A: Probate laws allow for a structured way to process and distribute an decedent's estate. The…

Q: Why might real estate be omitted from an inventory of estate property? Choose the correct.a. Real…

A: Option d. Real estate might be omitted from an estate of inventory because in some states, depending…

Q: Suppose the trustor died prior to the fulfillment of the trust purpose, will the assets form part of…

A: Answer: Concept Any trust deed have trustee and trustor so that the purpose of trust is solved.

Q: Which of the following methods will NOT achieve the client's goal of distributing property at death…

A: In case of death of person it is necessary to transfer the wealth to the proper person for that…

Q: Why are claims against an estate put into an order of priority? Choose the correct.a. To help the…

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Q: What tasks does the executor of an estate perform?

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Q: What is the objective of the process of abatement? To give legal structure to the reductions that…

A:

Q: Which of the following statements are correct regarding the characteristics of a conservatorship…

A: A conservatorship i.e guarduabship of the estate is appointed…

Q: What court will be responsible to hear the case a lawsuit based on dispute of real estate an…

A: There is judiciary system for every type of issues faced by the common people. There is a particular…