Statements concerning testamentary trust

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Reference no: EM131352777

1. All the following statements concerning a testamentary trust are correct EXCEPT

a) Its provisions are included in a decedent’s will.

b) It save probate costs.

c) It is revocable until the death of the testator.

d) It becomes irrevocable once it is operative.

2. All the following statements concerning estate planning for a resident-alien spouse are correct EXCEPT

a) A qualified domestic trust (QDOT) can be used for marital-deduction transfers to a surviving resident-alien spouse.

b) The QDOT rules include a new type of transfer tax

c) For the unlimited marital deduction to apply, a resident-alien spouse is required to obtain U.S. citizenship prior to the U.S. citizen spouse’s death.

d) The general rule is that transfers to a resident-alien spouse do not qualify for the unlimited federal estate or gift tax marital deduction.

3. All the following statements concerning powers of appointment are correct EXCEPT

a) They must be created by will.

b) The donor is generally the original owner of the property

c) Exercise may be immediate or may be delayed by design.

d) Appointees may include the donee.

4. All the following are considered real property EXCEPT

a) waste dump

b) large desert cactus

c) vacant storage warehouse

d) residence rental lease

Reference no: EM131352777

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