Question

Multiple Choice

Multiple Choice – Write the letter of the best answer at the end of the question

1. Which if the following will not be included in the estate
   1. Installment Sale
   2. Private Annuity
   3. SCIN
   4. All of the above
2. Which of the following will receive the balance of a trust account upon termination
   1. Trustee
   2. Income Beneficiary
   3. Remainder Beneficiary
   4. Grantor

True Or False

1. The Credit Shelter Trust typically pays income to the surviving spouse for life and then terminates and pays the remaining corpus to their children.
2. A Power of Appointment Trust is not subject to the estate tax in the 1^st-To-Die’s estate (ie is included in the surviving spouse’s estate)

Answer 1

1.Which if the following will not be included in the estate

• a.Installment Sale
• b.Private Annuity
• c.SCIN
• d.All of the above

Answer is d. all of the above

2.Which of the following will receive the balance of a trust account upon termination

• a.Trustee
• b.Income Beneficiary
• c.Remainder Beneficiary
• d.Grantor

Answer is c. Remainder Beneficiary

True Or False

1.The Credit Shelter Trust typically pays income to the surviving spouse for life and then terminates and pays the remaining corpus to their children. (TRUE)

2.A Power of Appointment Trust is not subject to the estate tax in the 1st-To-Die’s estate (ie is included in the surviving spouse’s estate), (FALSE)