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Last Updated: Sep 12, 2026
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| Section | Objectives |
|---|---|
| Property Transfer and Liquidity Planning | - Estate liquidity strategies
|
| Estate and Gift Taxation | - Gift tax rules
|
| Trusts | - Trust taxation and control
|
| Wills and Probate | - Probate process
|
| Introduction to Estate Planning | - Purpose and objectives of estate planning
|
Many trust instruments provide for the removal of the original trustee.
Valid reasons for removing the original trustee include which of the following?
1.A shift in trust situs is desirable because of changes in law.
2.The beneficiary has moved his or her residence to a distant state.
Correct Answer: D 🗳️
All the following powers held by the grantor of an irrevocable trust will cause the trust assets to be brought back into the estate of the grantor EXCEPT the power to
Correct Answer: D 🗳️
Which of the following statements concerning the inclusion in a decedent-employee's gross estate of a lump-sum distribution from a qualified retirement plan to a beneficiary other than the employee's estate is (are) correct?
1.Lump-sum distributions of payments attributable to the employer's contributions are excluded from the gross estate.
2.Lump-sum distributions of payments attributable to the decedent-employee's contributions are excluded from the gross estate.
Correct Answer: B 🗳️
A taxable gift has been made in which of the following situations?
1.A father manages his disabled son's business for a year without compensation since a replacement manager would have cost $25,000.
2.A father verbally promises his 21-year-old daughter that he will give her his antique Mercedes when she graduates from college next year.
Correct Answer: B 🗳️
All the following statements concerning the ownership of real property as joint tenants with right of survivorship are correct EXCEPT:
Correct Answer: B 🗳️
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