In the context of estate planning, it is correct to say that: * Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death. State laws always determine the distribution of our estate after our death. Once we cannot predict the future, we should plan our estate only a little before our death. The executor is a person who assumes responsibility for providing childrem with personal care and managing the deceased's estate for them.

Required Information [The following information applies to the questions displayed below.] Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church. The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities Gross estate Marital Deduction Charitable Deduction Debts Taxable Estate Adjusted taxable gifts Cumulative taxable transfers Tax on cumulative transfers Less taxes paid on prior gifts Tentative estate tax a. Tom made a taxable gift of $6.40 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars. Answer is not complete. $…

If you were to become an executor of my estate, how would you value my prized Pete Rose rookie card in mint condition? Would you sell it? Would you give it to my heirs?

in intestacy, what relative of the deceased generally ranks lowest in the hierarchy for the distribution of the estate assets? A. nieces and nephews B. Parents C. childeren D. spouse or common-law partner

For a decedent who has left a last will and testament, which of the following correctly state issues that may have to be proved in the probate proceeding? Whether the will was validly executed Whether the will disposes of all probate property Whether the decedent's gross estate exceeds the applicable exclusion amount Whether any trusts described in the will are entitled to the marital or charitable deduction A) II and IV B) III and IV C) I, II, and III D) I and II

Problem 19-36 (LO. 7) At the time of her death, Ariana held the following assets. Personal residence (title listed as "Ariana and Peter, tenants by the entirety with right of survivorship") Savings account (listed as "Ariana and Rex, joint tenants with right of survivorship") with funds provided by Rex Certificate of deposit (listed as "Ariana, payable on proof of death to Rex") with funds provided by Ariana Unimproved real estate (title listed as "Ariana and Rex, equal tenants in common") Insurance policy on Ariana's life, issued by Lavender Company (Ariana's estate is the designated beneficiary) Insurance policy on Ariana's life, Issued by Crimson Company (Rex is the designated beneficiary, but Ariana can change beneficiaries) Fair Market Value $900,000 40,000 100,000 500,000 300,000 400,000 Assuming that Peter and Rex survive Ariana, how much is included in Ariana's probate estate? Ariana's gross estate? (Refer to text Section 18-3a as needed.) Ariana's probate estate includes $…

24 These statements are presented to you for evaluation:Statement I – When property is transferred in contemplation of death for insufficient consideration, such property shall be collated to the estate at  its fair market value as of the time of death of the transferor.Statement II – Proceeds of life insurance policy taken by the decedent upon his own life shall be excluded from the gross estate if the designation of the beneficiary is irrevocable, whether such beneficiary is the estate or a third person.In your evaluation of the foregoing statements: Group of answer choices Only Statement II is true. Only Statement I is true. Both statements are false. Both statements are true.

An estate has the following income: The interest income was immediately conveyed to the appropriate beneficiary. The dividends were given to charity as per the decedent’s will. What is the taxable income of the estate? $4,400 $5,000 $8,000 $8,400

which of the following persons must have an active North Carolina real estate license? a person who manages the petals of their parents beach cottage without receiving any compensation for their services a retiree who refers prospective home buyer to the home sales center at their retirement community in return fro fee rounds of golf anyone who occasionally buys. renovates, and sells historic houses at a significant profit the executor of an estate who handles the sale of the deceased persons real property and receives an executors fee

How does statute 674 apply to the facts below by answering the the three questions? Please indicate what part of the statute provides clarity to the specific question. 1. G is in the process of creating a trust which pays income for life to each of G's two children, S and D, remainder to G's grandchildren. G retains the power to distribute principal to S and D, subject to a reasonably definite health and support standard. G is considering retaining the power to add the spouses of S and D, if they marry, to the class of beneficiaries. Alternatively, G is considering retaining the power to add only after-born or adopted children of G, S, and D to the class of beneficiaries. a) What are the tax consequences to the trust and the grantor of the retained power to distribute principal to S and D? b) What are the tax consequences to the trust and the grantor of the proposed retained power to add the spouses of S and D as trust beneficiaries? c) What are the tax consequences to the trust and…