Free American College HS330 Exam Practice Questions & Explanations
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A number of states have passed statutes governing ''living wills.'' Which of the following statements concerning a living will is (are) correct?
l. A living will is an alternative to an inter vivos trust under certain circumstances.
ll. A living will is an oral will made by the testator during a final illness when it is impossible to write one.
A married man is the sole owner of a small business with an estate tax value of $500,000. In addition, he and his wife own an office building as joint tenants with right of survivorship which they purchased five years ago. The building has an estate tax value of $1,500,000. They are considering dissolving the joint tenancy and retitling the building in the name of the husband as sole owner. Which of the following statements concerning this action is (are) correct?
l. lf the husband dies first, it would be easier to qualify his estate for a Section 303 redemption of his business interest.
ll. lf the husband dies first, the probate costs of his estate could be increased.
A man recently died with only probate assets. Under the terms of his will, he left his entire probate estate outright to his wife. The following are relevant facts about the estate:
Gross estate $2,000,000
Estate administration expenses 50,000
Debts of decedent 200,000
Allowable funeral expenses 5,000
The amount of the allowable marital deduction is
Which of the following statements concerning the estate tax marital deduction is correct?
All the following are grounds for contesting a will EXCEPT: