Answer each of the following questions: What are the objectives of probate laws? What tasks does the executor of an estate perform? What assets are normally included as estate properties? What claims have priority to the distributions made by an estate?

Can you explain the choices an executor of an estate has in determining the values of assets included in the estate for tax purposes.

D3) discussion defining a skip person and to which type of transfers does the GSTT apply?, Define taxable distribution. When must the allocation of the GST exemption take place?, Explain the predeceased ancestor exception, What are the benefits of using a generation-skipping trust? Who pays the income tax on the income generated within a dynasty trust and why should a dynasty trust give some beneficiaries a limited power of appointment?

One of the following is not a prerequisite in order that claim against the estate maybe deductible     They must be existing against the estate They must be reasonably certain as to amounts They must have been prescribed They must be enforced by the claimants

Explain and account for the distinction between principal and income in the context of estate and trust accounting.

(12) Which of the following would not be included in the corpus or principal of an estate? a. accrued interest and declared dividends on investments held by decedent b. personal valuables c. life insurance proceeds where designated beneficiary is the estate d. all of the above are included

Which of the following would not be included in the corpus or principal of an estate? a. accrued interest and declared dividends on investments held by decedent b. personal valuables c. life insurance proceeds where designated beneficiary is the estate d. all of the above are included

Explain Estates Not Yet in Possession (Future Estates)

Which Schedule must the taxpayer use to claim a payment made for alimony?   Multiple Choice   Schedule 1.   Schedule 2.   Schedule 3.   The taxpayer does not need to use a Schedule.

Which of the following methods will NOT achieve the client's goal of distributing property at death to the desired persons?   A)Intestacy   B)A trust   C)A will   D)A will substitute