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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Federal Estate Tax System | 25% | - Marital and charitable deductions - State death taxes and basis adjustments - Gross estate inclusion rules - Credits and tax computation |
| Topic 2: Advanced Planning Strategies | 15% | - Planning for incapacity and special needs - Charitable giving techniques - Business succession planning & buy-sell agreements - Life insurance in estate planning |
| Topic 3: Trusts & Fiduciary Arrangements | 20% | - Revocable and irrevocable trusts - Trust income taxation - Generation-skipping transfer tax (GSTT) - Specialized trust structures |
| Topic 4: Estate Planning Process & Legal Foundations | 20% | - Probate process and non-probate transfers - Wills, powers of attorney, and advance directives - Property ownership forms and titling - Objectives and ethical considerations |
| Topic 5: Federal Gift Tax System | 20% | - Exclusions, exemptions, and valuation rules - Gift tax calculation and strategies - Taxable gifts and filing requirements |
All the following statements concerning the ownership of real property as joint tenants with right of survivorship are correct EXCEPT:
Mr. Conrad died early this year. Under the terms of his will, he left all his real estate and tangible personal property to his son. All the remainder of his probate estate was left to his wife, Mrs. Conrad. The following is a list of Mr. Conrad's probate assets and their fair market values at the time of his death:
*Commercial real estate $150,000
*Furniture and fixtures 50,000
*Listed common stock 100,000
*Other securities 200,000
In addition, Mr. Conrad also owned a $300,000 life insurance policy on his life with Mrs. Conrad designated as beneficiary. Based on this information, what is the amount of property in Mr. Conrad's estate qualifying for the federal estate tax marital deduction?
In which of the following situations will the grantor be taxed on income from trust property.
1.The grantor of a trust gives one of the trust beneficiaries the right to add or delete beneficiaries.
2.An adverse party to the grantor holds the power to determine the timing of trust distributions to the beneficiaries.
Which of the following statements concerning filing the federal estate tax return is correct?
Nontax benefits of lifetime gifts include all the following EXCEPT to
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Fundamentals of Estate Planning test
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