real estate / retirement - 7 ques

31.  Alice owns 1,000 shares of XLNT stock that she wants her daughter Mary to receive at her death. Should Mary not survive Alice, Alice wants the stock to pass to her younger brother, Mitchell. Which will provision would best accomplish Alice’s objective?

A.  Specific bequest

B.  Transfer Clause

C.  Tax Clause

D.  Devise

32.  Amber wants to be sure that her property passes only to family members at her death. To accomplish this objective, in her will, she should give her husband Tom

a.  limited power of appointment

b.  general power of appointment

c.   general linking power of appointment

d.  testamentary power

33.  With respect to disclaimers, which of the following is true?

a.  a discaimer of property interest, or a power, is treated as a gift for gift tax

b.  any income received on disclaimed property will not be chargeable to the person in whose favor the property was disclaimed

d .  a disclaimed interest in property is consdired to be a taysnfer by a disclaimant/decedent for estate tax purposes and will be included at death asa transfer with retained life estate 

d.   if property is cyclamen by a person in favor of a surviving spouse or charity, the marital or charitable deduction will be permitted  provided the property would otherwise qualify for these deduction.  

34.  what is the best definition of probate assets

a.  an asset that must be owned by the decedent on date of death

b.  the executor determines what is a probate assets

c.  an asset that is included in the decadent's gross estate

d.  an asset which transfer under the decadent's will

35.  Jim died with a gross estate equal to $3,000,000. In his will, he provided for the following outright transfers: $1,000,000 to his wife; $1,000,000 to his daughter; and $1,000,000 to charity. What is Jim's taxable estate for estate tax purposes?

 A.   $3 million

B.  $2 million 

C.  1 million 

D.  $0

36   An insured under a life insurance policy is considered to be enjoying the economic benefits of that policy if the insured has the right to

I. Name a policy beneficiary

II. Surrender a policy

III. Borrow the cash value of the policy

A.  I , II & III

B.  I & II

C.  I & III

D.  II & III

37  Which of the following meets the requirements of a gift subject to the gift tax?

A.  A donor writes a check for $20,000 payable to the donee. The donee receives the check and accidentally tears it up.

B  donor misplaces a check. The donee finds the check and endorses to himself for $20,000.

C.  donor writes a check for $20,000 payable to the donee and specifies how, when, and in what way the donee is to use the money

D.A donor writes a check for $20,000 payable to the donee but forgets to mail it.