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 spouse

Q: Which one of the following statements regarding the qualified domestic trust (QDOT) election is…

A: Every country has its own taxation rules. In-country like U. S. and Canada, the transfer of property…

Q: Husband and Wife have two biological children and one adopted child. Now that the adoption is…

A: adoption is a process of getting non-biological child of someone else legally.

Q: A deceased individual owned a bond. Which of the following is included in the estate principal?a.…

A:

Q: ABC Corporation took a keymen insurance on the life of its President, Mr. Dominic Reyes. The policy…

A: An employer takes out an insurance policy insuring against loss of profits arising from the death,…

Q: Assume Darrin died today and Keith is appointed executor. Of the following, which is not an…

A: This question is answered as per estate planning.

Q: Which of the following is not part of decedent’s interest for estate tax purposes?

A: Estate tax is levied when the assets of the person till the time of his death is transmitted to the…

Q: Which of the following are characteristics of the gift-splitting technique? A)If the spouses…

A: Gift tax is levied by the tax authorities on the transfer of property with less or no consideration.…

Q: What is the process of abatement? Select one: a.The establishment of how the creditors will be…

A: An abatement is a reduction or an exemption on the level of taxation faced by an individual or…

Q: What is meant by "an individual dies intestate?" Select one: a.That person did create a will before…

A: There are certain unwanted situations in the life and there are sudden death of person and many time…

Q: In your evaluation of the foregoing statements: Group of answer choices Both statements are false.…

A: Two statements are presented to us for evaluation from the perspective of the revenue code.…

Q: A married couple have written a will that leaves part of their money to a trust fund. The income…

A: A trust is created by the grantor to convey his/her assets to a trustee who takes the possession and…

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: Upon death of Nicanor and after payment of the estate tax, it was determined that the net…

A: Tax is the charge which is charged on the taxable income of the taxpayer but the government has also…

Q: Answer each of the following questions: What are the objectives of probate laws? What tasks does…

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

Q: Under what circumstance does an estate have an executor?   Multiple Choice   When there is no…

A: Introduction: An executor is a person responsible for managing the affairs of the deceased person's…

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: A deceased individual owned a bond. Which of the following is included in the estate principal? All…

A: The principal includes all assets held by the decedent at the death and the income is earnings on…

Q: Nicanor, in his will, devised a property to Inday who incidentally is also a witness to his will. In…

A: Answer: Nicanor, in his will, devised a property to Inday who incidentally is also a witness to his…

Q: Which among the following transactions is subject to capital gains tax? *       Transfer through…

A: Capital gain tax is the tax which is applied on the gains, an individual or an entity receives by…

Q: Which of the following statements is true? Oa. A one-time election is available to taxpayers 55…

A: Income Tax- Income tax is best defined as the amount of tax levied by the government on the earnings…

Q: Which of the following debts is common property? none of the choices obligations contracted during…

A: Debt is something that one party borrows from another, usually money. Debt is used to make large…

Q: Which of the following is not a goal of probate laws? Choose the correct.a. To gather and preserve…

A: Probate Law: Probate refers to the general administering of a deceased person's will or the estate…

Q: How much is the gross estate under Absolute Community of Property? * Mr. J. Chavez died leaving the…

A: The Conjugal partnership of gains is a proposition that helps in the determination of the gross…

Q: Juan Carlos donated his property to his son while he is still alive. It is part of the condition of…

A: A donation inter vivos is a contract by which a person, called the donor, gratuitously divests…

Q: Danny and Julie, a married couple, decided to sell their community property home in a community…

A: If the property is sold by the married couple jointly and out of the proceeds the new property is…

Q: Nicanor, in his will, gave Inday his wife a house coming from the free portion. Which is FALSE?…

A: Legatee is a person who is entitled to for a legacy from another person Compulsory heir are heir who…

Q: Fran has made a taxable gift of one-half of the value of the residence because Stan paid no…

A: Gift tax charges on the value of large gifts which is transferred and affect the wealth without any…

Q: In the context of estate planning, it is correct to say that: * Estate planning is a definite plan…

A: Estate planning is a process in which passing or transferring of assets takes place from one…

Q: sband and Wife have two children and decide to divorce. Husband later remarries. He is concerned…

A: Remainder beneficiaries refer to the persons who are eligible to receive the principal value of the…

Q: The will of Josh O’Brien has the following stipulations:Antique collection goes to Ilsa Lunn.All…

A: Given details of will are: The will of Josh O’Brien has the following stipulations:Antique…

Q: Which of the following is a characteristic of deductible alimony payments? (Assume a pre-2019…

A: The alimony payments mean the payment that is made to the partner after the divorce. The payments to…

Q: For a decedent who has left a last will and testament, which of the following correctly state issues…

A: Charitable deduction refers to the form of deductions allowed to a taxpayer on the gifts or cash or…

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: Abel's employer provides Abel with a group life insurance benefit. Abel irrevocably transferred the…

A: Group life insurance is usually offered by an employer or other large-scale entity to its exisitng…

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: a. Indicate whether the following income sources must be included or may be excluded from gross…

A: Solution:- Indication of the following income sources must be included or may be excluded from gross…

Q: What is the purpose of the laws of distribution? Choose the correct.a. To guide the distribution of…

A: Will helps to distribute the estate of descendant to their family members. When there is no will,…

Q: Which of the following assets would be transferred by applicable intestate succession statutes at an…

A: Decendant is the person who has been died due to any cause and the estate of which would be…

Q: What is Nellie's filing status for the year?

A: Given information is:  Nellie Fox maintains her home in which she and her daughter reside. The…

Q: urvivorship

A: A life insurance policy refers to the contract between a person and the insurance company. An…

Q: 11. Jada wants to transfer some assets to a trust this year; the income beneficiaries will be her…

A: Tax refers to the amount charged by the government on the income earned from the individual and…

Q: Michelle lives in a state that allows use of a beneficiary deed to transfer property at death. She…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: Which of the following are interests that must go through probate? A residence that goes to the…

A: Probate is nothing but a legal process where the court appoints a person to handle the estate owned…

Q: What is a remainderman? Choose the correct.a. A beneficiary that receives the principal left in an…

A: Remainderman refers to a beneficiary who is entitled or has a right to inherit the property only…

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.