ESTATE PLAN MEMO - (BUSI 354- ESTATE PLANNING)
3 /9 /2 017 R evie w T est S ubm is sio n: E sta te P la n E xam – 2 01720 S prin g... h ttp s://le arn .lib erty .e du/w ebapps/a ssessm ent/r e vie w /r e vie w .js p?atte m pt_ id = _40234206_1& cours e_id = _339866_1& conte nt_ id = _15380953_1& outc om e_id = _3864 … 1 /2 Q uestio n 1 I f D arrin d ie d to day, w hic h o f th e fo llo w in g s ta te m ents is tru e re gard in g th e tra nsfe rs m ade in h is w ill?
S ele cte d A nsw er: J am es w ill re ceiv e th e y acht in p la ce o f th e h ouse b oat. Q uestio n 2 A ssum e K ath i d ie d to day a nd le ft V acatio n H om e 2 to E liz abeth . W hat w ould E liz abeth ’s a dju ste d b asis b e in V acatio n H om e 2 ?
S ele cte d A nsw er: $ 250,0 00. Q uestio n 3 A ssum in g D arrin d ie d to day, c alc ula te h is g ro ss e sta te .
S ele cte d A nsw er: $ 8,3 72,7 60. Q uestio n 4 A ssum in g K ath i d ie d to day, w hic h o f th e fo llo w in g s ta te m ents is tru e?
S ele cte d A nsw er: A ll o f K ath i’s c om munit y p ro perty a ssets w ould tra nsfe r to D arrin b ecause o f th e i m plie d rig ht o f s urv iv ors hip . Q uestio n 5 A ssum e D arrin d ie d in 2 013. W hic h filin g s ta tu s c an K ath i u se o n h er 2 013 in com e ta x re tu rn ?
S ele cte d A nsw er: M arrie d F ilin g J oin tly . Q uestio n 6 A ssum in g D arrin d ie d to day, w hic h o f th e fo llo w in g s ta te m ents re gard in g a v alid d is cla im er is c orre ct?
S ele cte d A nsw er: A ssum e D arrin le ft E liz abeth h is in te re st in th e Y acht. If E liz abeth d is cla im s h er p ro perty th en th e tra nsfe r w ill b e s ubje ct to G STT. Q uestio n 7 K ath i a nd D arrin a re c onsid erin g m akin g a c harit a ble c ontrib utio n to th e B oys a nd G ir ls C lu b o f A m eric a a nd w ant th e g ra ndchild re n to re ceiv e in com e fro m th e p ro perty fo r a n e xte nded p erio d. W hic h o f th e fo llo w in g c harit a ble d evic es m ay b e a ppro pria te to m eet th eir o bje ctiv es? (1 ) C harit a ble R em ain der A nnuit y T ru st, (2 ) C harit a ble R em ain der U nit ru st T ru st, (3 ) P oole d In com e F und, (4 ) C harit a ble L ead T ru st.
S ele cte d A nsw er: 1 , 2 , a nd 3 . Q uestio n 8 A ssum in g D arrin d ie d to day, c alc ula te th e m arit a l d eductio n a vaila ble fo r tra nsfe rs to K ath i (re m em ber t h is is a n et a m ount).
S ele cte d A nsw er: $ 6,3 75,0 00.
0 o ut o f 9 p oin ts 0 o ut o f 9 p oin ts 9 o ut o f 9 p oin ts 0 o ut o f 9 p oin ts 9 o ut o f 9 p oin ts 9 o ut o f 9 p oin ts 9 o ut o f 9 p oin ts 0 o ut o f 9 p oin ts 3 /9 /2 017 R evie w T est S ubm is sio n: E sta te P la n E xam – 2 01720 S prin g... h ttp s://le arn .lib erty .e du/w ebapps/a ssessm ent/r e vie w /r e vie w .js p?atte m pt_ id = _40234206_1& cours e_id = _339866_1& conte nt_ id = _15380953_1& outc om e_id = _3864 … 2 /2 T hurs d ay, M arc h 9 , 2 017 1 :3 2:1 6 P M E ST Q uestio n 9 A ssum e D arrin d ie d to day a nd K eit h is a ppoin te d a s e xecuto r. O f th e fo llo w in g, w hic h is n ot a n a vaila ble e le ctio n K eit h c an m ake b efo re h e file s D arrin ’s e sta te ta x re tu rn ?
S ele cte d A nsw er: D eductin g th e e xpenses o f a dm in is te rin g D arrin ’s e sta te o n th e e sta te ta x re tu rn ( F orm 7 06). Q uestio n 1 0 A ssum e D arrin d ie s to day a nd K eit h is a ppoin te d e xecuto r. K eit h is c onsid erin g e le ctin g th e a lt e rn ate v alu atio n d ate . W hic h o f th e fo llo w in g s ta te m ents d oes n ot c orre ctly re fle ct th e ru le s a pplic able to th e a lt e rn ate v alu atio n d ate ?
S ele cte d A nsw er: T he g enera l ru le is th e e le ctio n c overs a ll a ssets in clu ded in th e g ro ss e sta te a nd c annot b e a pplie d to o nly a p ortio n o f th e p ro perty . 0 o ut o f 9 p oin ts 0 o ut o f 9 p oin ts