Question

Which of the following is not a type of trust used for estate planning? Credit shelter...

Which of the following is not a type of trust used for estate planning?

  • Credit shelter trust.

  • Qualified terminable interest property trust.

  • Grantor retained annuity trust.

  • Alimony trust.

  • Minor’s Section 2503(c) trust.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

All the above stated options are comes under estate planning trusts classification, except alimony as it is referred as the lump sum amount paid to the spouse on the account of separation or divorced on court order.

Thank you:-)

Keep HomeworkLibing...

Add a comment
Know the answer?
Add Answer to:
Which of the following is not a type of trust used for estate planning? Credit shelter...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Which of the following statements regarding a Qualified Personal Residence Trust (QPRT) is/are correct? Check all...

    Which of the following statements regarding a Qualified Personal Residence Trust (QPRT) is/are correct? Check all that apply: Group of answer choices A QPRT is generally inappropriate for vacation homes After the trust term, the house will revert back to the grantor At the end of the QPRT term, the grantor must begin paying rent to the remainder beneficiaries of the QPRT if he continues to live in the residence, otherwise, the house will be included in the grantor's gross...

  • Multiple Choice Which of the following powers avoid BOTH the gift tax and estate tax issues...

    Multiple Choice Which of the following powers avoid BOTH the gift tax and estate tax issues Crummy Power 5x5 Power + Crummy Power Hanging 5x5 Power + Crummy Power All of the above Which of the following trust is typically not included in the surviving spouse’s estate? Credit Shelter Trust QTIP Trust General POA Trust None of the above are included in surviving spouse’s estate All of the above are included in the surviving spouse’s estate

  • Estate Finance Family Tax Plan Question 1. On January 2, 2000, Larry creates a trust with...

    Estate Finance Family Tax Plan Question 1. On January 2, 2000, Larry creates a trust with Tenleytown Trust Company as trustee. The trustee must distribute income to Susie. On January 2, 2005, the trust will terminate and the property will be distributed back to Larry. Assume that the trust is a grantor trust as to Larry under § 671.   In 2001, the trust had the following receipts: $50,000 of dividends from publicly traded stock. $10,000 of interest from corporate bonds....

  • Question 31 From an income tax perspective, a defective trust is also known as: A -...

    Question 31 From an income tax perspective, a defective trust is also known as: A - A mistake B - A simple trust C - A complex trust D - A grantor trust Question 32 Angela Snider, age 32, has $19,000 in her qualified retirement plan. The maximum amount that Angela can borrow against her account is A - zero – qualified retirement plans do not permit loans B - $8,000 C - $ 9,500 D - $10,000 E -...

  • lolololo Leasehold Estate A type of tenancy under which one who, after rightfully being in possession...

    lolololo Leasehold Estate A type of tenancy under which one who, after rightfully being in possession of leased premises, continues (wrongfully) to occupy the property after the lease has been terminated. The tenant has no rights to possess the property and occuples it only because the person entitled to evict the tenant has not yet done so. Fixed-Term Tenancy A lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week-to- week, month-to-month,...

  • Which of the following is an INCORRECT statement regarding the? testator's signature requirement for making a...

    Which of the following is an INCORRECT statement regarding the? testator's signature requirement for making a valid? will? A. Wills need not be signed. B. Courts have held that an? "X" can constitute a valid signature on a will if it can be proven that the testator intended it to be his or her signature. C. Courts have held that the? testator's nickname can constitute a valid signature on a will if it can be proven that the testator intended...

  • Which of the following Estate Planning documents avoids Probate? Simple Will. Traditional Marital Share Will. Ethical...

    Which of the following Estate Planning documents avoids Probate? Simple Will. Traditional Marital Share Will. Ethical Will. Revocable Living Trust. Question 2 100 pts As discussed in class, a "529" Plan for education means that the earnings in the Plan are taxable non-transferable nontaxable if used for education purposes tax deferred up to the Gift Tax Exclusion Limit($15,000 in 2020) Question 3 100 pts "Estate Shrinkage" as discussed in class is normally caused by Probate costs Income Taxes Funeral costs...

  • For real estate owners,which of the following is correct? a. The TCJA does not include any...

    For real estate owners,which of the following is correct? a. The TCJA does not include any changes that would affect them, b. Section 1031 exchanges are not allowed after 12/31/17, c. The TCJA includes several beneficial changes and one negative change, d. The Section 179 deduction for qualified real property expenditures was repealed by the TCJA.

  • Which of the following is incorrect for the description of a Trust: Trust is a legal...

    Which of the following is incorrect for the description of a Trust: Trust is a legal entity owned by the settlor Trust is governed by the Trust Deed Fixed Asset can be put under a Trust High Net Worth individual can use trust to safe Estate Tax Trust can be perpetual Which of the following is not a Common Red Flags for Suspicious Transaction Reporting under AML Large cash payment for outstanding credit card balance Cash Advances from a credit...

  • Term Answer Description Pooled This is a specific type of real estate investment trust that owns and А. diversifi...

    Term Answer Description Pooled This is a specific type of real estate investment trust that owns and А. diversification operates income-producing real estate. Net asset value This feature is mostly offered by mutual fund famillies making it easier В. and less costly for investors to shift their money among mutual funds in the family that meet their investment goals Tax exempt This term refers to the current market value of all the securities the C. fund owns, less any liabilities...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT