ADVANCED ACCT.,SEL.CH.-W/ACCESS>CUSTOM<
14th Edition
ISBN: 9781307566574
Author: Hoyle
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 19, Problem 26P
To determine
Describe the difference between testamentary trust and an inter vivos trust.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What is the difference between a testamentary trust and an inter vivos trust? Choose the correct.a. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals.b. A testamentary trust is created by a will; an inter vivos trust is created by a living individual. c. A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party. d. A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.
What is the difference between a testamentary trust and an inter vivos trust.
A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals.
A testamentary trust is created by a will; an inter vivos trust is created by a living individual.
A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party.
A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.
a. What is the difference between distributing property per capita and per stirpes?
When would a per stirpes distribution be required?
what are two ways in which the duties of an administrator differ from those of an executor?
Must the grantor, trustee, and beneficiary of a trust all be different people?
What formalities must be followed to create a testamentary trust?
Chapter 19 Solutions
ADVANCED ACCT.,SEL.CH.-W/ACCESS>CUSTOM<
Ch. 19 - Prob. 1QCh. 19 - Prob. 2QCh. 19 - Prob. 3QCh. 19 - Prob. 4QCh. 19 - Prob. 5QCh. 19 - Prob. 6QCh. 19 - Prob. 7QCh. 19 - Prob. 8QCh. 19 - What claims against an estate have priority?Ch. 19 - Prob. 10Q
Ch. 19 - Prob. 11QCh. 19 - Prob. 12QCh. 19 - Prob. 13QCh. 19 - How is the federal estate tax computed?Ch. 19 - Prob. 15QCh. 19 - Prob. 16QCh. 19 - Prob. 17QCh. 19 - Prob. 18QCh. 19 - Prob. 19QCh. 19 - Prob. 20QCh. 19 - Prob. 21QCh. 19 - Prob. 22QCh. 19 - Prob. 23QCh. 19 - Prob. 24QCh. 19 - Prob. 25QCh. 19 - Prob. 26QCh. 19 - Prob. 27QCh. 19 - Prob. 28QCh. 19 - Prob. 29QCh. 19 - Prob. 30QCh. 19 - Prob. 1PCh. 19 - Prob. 2PCh. 19 - Prob. 3PCh. 19 - Prob. 4PCh. 19 - Prob. 5PCh. 19 - Prob. 6PCh. 19 - Prob. 7PCh. 19 - Prob. 8PCh. 19 - Prob. 9PCh. 19 - Prob. 10PCh. 19 - Which of the following is a specific legacy? a....Ch. 19 - Prob. 12PCh. 19 - Prob. 13PCh. 19 - Prob. 14PCh. 19 - Prob. 16PCh. 19 - Prob. 21PCh. 19 - Prob. 22PCh. 19 - Prob. 23PCh. 19 - Prob. 24PCh. 19 - Prob. 25PCh. 19 - Prob. 26PCh. 19 - Prob. 27PCh. 19 - Prob. 28PCh. 19 - Prob. 29PCh. 19 - Prob. 30PCh. 19 - Prob. 31PCh. 19 - Prob. 32PCh. 19 - Prob. 33PCh. 19 - Prob. 34PCh. 19 - Prob. 35P
Knowledge Booster
Similar questions
- What is the difference between a testamentary trust and an inter vivos trust? Multiple Choice A testamentary trust is created by a will; an inter vivos trust is created by a living individual. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals. A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent. A testamentary trust conveys income to one party and the principal to another, an inter vivos trust conveys all monies to the same party.arrow_forward2 how May a testamentary charitable trust be more beneficial to a donor than to an inter vivid charitable transfer?arrow_forwardA charitable trust is used to split assets between surviving spouse and the trust. True or Falsearrow_forward
- How does a devise differ from a legacy? Choose the correct.a. A devise is a gift of money and a legacy is a nonmonetary gift.b. A devise is a gift to an individual and a legacy is a gift to a charity or other organization. c. A devise is a gift of real property and a legacy is a gift of personal property.d. A devise is a gift made prior to death and a legacy is a gift made at death.arrow_forwardIn estate planning, setting ul a trust account in the name of beneficiaries may help to _______ a. Improve the faith of the beneficiaries b. Maximise the estate tax obligation c. Protect the beneficiaries against future inflation d. Protect the beneficiaries from the creditors of the donorarrow_forwardWhich of the following is a charitable lead trust? Choose the correct.a. The income of the trust fund goes to an individual until death, at which time the principal is conveyed to a charitable organization.b. Charitable gifts are placed into the trust until a certain dollar amount is achieved and is then transferred to a specified charitable organization.c. The income of a trust fund goes to a charitable organization for a specified time with the principal then being conveyed to a different beneficiary.d. A charity conveys money to a trust that generates income for the charity’s use in its various projects.arrow_forward
- which accurately describes a charitable trust? A charitable organization:arrow_forwardDefine Charitable remainder trust.arrow_forwardWhich of the following is a charitable lead trust? The income of the trust fund goes to an individual until death, at which time the principal is conveyed to a charitable organization. Charitable gifts are placed into the trust until a certain dollar amount is achieved and is then transferred to a specified charitable organization. The income of a trust fund goes to a charitable organization for a specified time with the principal then being conveyed to a different beneficiary. A charity conveys money to a trust that generates income for the charity’s use in its various projects.arrow_forward
- How does a trust fund work???Explain the process in simple wordsarrow_forwardFor the following definitions, indicate the type of trust being described by selecting the correct answer from the dropdown. option for answer - blind trust, life insurance trust, living (revocable) trust, divorce trust, trust for minors a. Holds life insurance policies on the insured. b. Provides funds for a college education or other needs, shifts income to other taxpayers, and transfers accumulated income without permanently parting with the underlying assets. c. Manages assets, reduces probate costs, provides privacy for asset disposition, protects against medical or other emergencies. d. Manages the assets of an ex-spouse.arrow_forwardAssess the effect of an irrevocable trust on the gift tax and future estate taxes.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
