Under what circumstance does an estate have an executor?   Multiple Choice   When there is no valid will.   When the estate exceeds the dollar amount of the estate tax exemption.   When the will establishes a trust fund.   When the will is contested.   When the will names a specific person to administer the estate.

Q: What factors should Beth take into account when considering the appointment of an executor of a…

A: Executor of will is the term which is defined as the person who would be nominated through the…

Q: ent who was married at the time of his/her death will have a gross estate composed of        His/her…

A: Person who died than there is need to calculate the gross estate so that can be transferred to legal…

Q: The holding period for property acquired by inheritance begins on the date of the decedent's death…

A: The concept given here is on period of holding asset from inheritance, whether be long term or short…

Q: Section 1015 – basis of property received as a gift is the basis of the property in the hands of the…

A: In case FMV is greater than adjusted basis, the carryover basis of donor will be basis of receiver.…

Q: Statement I: An estate represents the assets of a deceased person after all liabilities and taxes…

A: An estate is the total worth the person owned in the form of asset after deducting all the taxes and…

Q: A donation on account of marriage will give a donor a deduction from gross gifts made if: The donee…

A: A donation on account of marriage will give a donor a deduction from gross gifts made. Gift made to…

Q: Property owned by a person who dies intestate and without heirs will escheat to the A. city. B.…

A: Escheat is a legal process through which ownership of property reverts to the state when an…

Q: Your client has the following goals: to totally remove the value of certain assets from her gross…

A: Given - totally remove the value of certain assets from her gross estate - to receive a stream of…

Q: What is meant by "an individual dies intestate?" Select one: a.That person did create a will before…

A: There are certain unwanted situations in the life and there are sudden death of person and many time…

Q: Assuming that a decedent left no valid last will and testament, which of the following assets will…

A: Solution: D) III and IV

Q: Assuming that a decedent left no valid last will and testament, which one of the following assets…

A: The correct answer is: (D) Assets held by the decedent and his or her spouse as community property…

Q: Which of the following are nontax characteristics of a qualified terminable interest property (QTIP)…

A: A Qualified Terminable Interest Property Trust enables the grantor to provide for his surviving…

Q: Accrued interest at the time of a decedent’s death would be interest income and considered part of…

A: Accrued interest is the amount of interest earned on a loan or other financial obligation but yet to…

Q: Comment on the following items relative to tax planning strategies of a fiduciary entity. To reduce…

A: The process of examining a financial position or plan to ensure that all components work together to…

Q: Simon and Diana have asked Simon's brother Jeff to look after their estate administration in the…

A: Brief summary:Jeff is Simon's brother.Simon and  Diana have asked  Jeff to look after their estate…

Q: Nicanor, in his will, devised a property to Inday who incidentally is also a witness to his will. In…

A: Answer: Nicanor, in his will, devised a property to Inday who incidentally is also a witness to his…

Q: The payment of legacies by an estate must follow an order of priority that requires general legacies…

A: The payment of legacies by an estate need not follow an order of priority that requires general…

Q: In estate planning, setting ul a trust account in the name of beneficiaries may help to _______ a.…

A: Estate planning involves determining how an individual’s assets will be preserved, managed, and…

Q: oceeds are paid out to the beneficiaries, and the IRS later becomes aware that the benefits were…

A: Usually, insurance proceed paid to the beneficiaries are not included in the income of…

Q: As the legal representative of your sister's estate, you would like to prepare an optional return…

A: The term sources of income refers to the origin from where the income is earned by a company or an…

Q: Juan Carlos donated his property to his son while he is still alive. It is part of the condition of…

A: A donation inter vivos is a contract by which a person, called the donor, gratuitously divests…

Q: 7. David Collins died during the current year. The personal representative of David's estate…

A: To determine the value of David's gross estate for estate tax purposes, we need to include the…

Q: O to be done in a good state OIRS involvement

A: Estate planning there is need of proper planning so that assets are transferred to the legal heirs…

Q: Which of the following statement is correct?  Statement I – The renunciation by the surviving…

A: Answer:-  Donation definition:- Donation can be defined as something donated to charity, specially a…

Q: QUESTION 30 The person recognized by law as the manager of a decedent's (dead persons') affairs…

A: Common Law: In regulation, precedent-based regulation is the assemblage of regulations made by…

Q: In the context of estate planning, it is correct to say that: * Estate planning is a definite plan…

A: Estate planning is a process in which passing or transferring of assets takes place from one…

Q: estate is CORRECT? A cash flow plan for an estate should be flexible enough to account for…

A: Cash Flow statement is a statement of disclosure of changes in cash position between two accounting…

Q: Accountant’s and lawyer’s fees spent during settlement of estate, though non-deductible, are in the…

A: 1.Funeral expenses is incorrect because it is an expense which is not incurred for funeral. 2.…

Q: A handwritten will; may be subject to scrutiny after your passing. a) Statutory Will b) Cursive…

A: A holographic will is a report transcribed and marked by a departed benefactor, and it is an option…

Q: A client approached you with a question about the tax consequences of setting up an irrevocable…

A: The objective of the question is to understand the tax implications of setting up an irrevocable…

Q: The will of Josh O’Brien has the following stipulations:Antique collection goes to Ilsa Lunn.All…

A: Given details of will are: The will of Josh O’Brien has the following stipulations:Antique…

Q: Which one of the following statements best describes the most important feature of a support trust?…

A: The support trust is a special arrangement to pay beneficiaries for their education and support. The…

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.