Reference no: EM133176839
Questions -
Q1. David Davis died in 2019 and left an estate valued at $13,900,000 after the payment of his debts. His will gave $45,000 to the Humane Society, $102,000 to the University of Missouri, $154,000 to the Boy Scouts of America, and the remainder to his sister Mindy. The expenses of settling the estate were $10,000 for the funeral, $5,000 to his brother as executor, and $3,000 to accountants and lawyers. Calculate David's gross estate.
Q2. Which asset must be included in your gross estate for federal estate tax calculations?
A. Assets transferred through family limited partnerships
B. Ownership interest in a family corporation
C. Residence held in irrevocable trust
D. Life insurance held in irrevocable trust
Q3. Margaret wants to set up a charitable trust to minimize her estate taxes. Which of the following should she do first?
A. Implement her trust plan.
B. Consult with an experienced estate-planning lawyer.
C. Decide which assets she wants to gift to the trust.
D. Figure out if she is exempt from federal estate taxes already.
Q4. How does a trust benefit your heirs with immediate access to assets upon your death?
A. Assets in all trusts are exempt from estate taxes.
B. Assets in the trust bypass the probate process.
C. Assets in the trust are removed from the estate.
D. Assets in the trust provide income to surviving family.
Q5. Patrick O'Riley, a single man with no children, has a taxable estate of $17.47 million. What is the amount the government will levy an estate tax upon?
A. $11.4 million
B. $0
C. $17.47 million
D. $6.07 million
Q6. James's gross estate is $22 million. Estate expenses and debts total $600000. His will leaves $6 million to Colorado State University and the remainder of his estate to his son, James Jr. How much of James's estate will be subject to the federal estate tax in 2019?
A. $15.4 million
B. $4.0 million
C. $10.0 million
D. $0
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