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Maximizing Unified Credit Exemption

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Questions and Answers

Which term refers to the amount of money that can be excluded from transfer taxes for 2022?

Unified Credit Shelter Bypass Trust

Basic Applicable Exclusion (correct)

Transfer Taxation

Affirmative Planning

What is the maximum amount that a married couple can exclude from transfer taxes with proper planning?

$12.06 million

$48.24 million (correct)

$36.18 million

$24.12 million

When should the exemption be used to benefit from the credit?

At the second death

At any time after the first death

At the first death (correct)

At any time during the marriage

What is the purpose of a Bypass Trust?

To protect assets from creditors and remarriage Signup and view all the answers

Which planning technique allows the surviving spouse to disclaim some or all of the bequest?

Disclaimer Trusts Signup and view all the answers

What is the advantage of using the Clayton Election in estate planning?

It allows for flexible planning in light of uncertainty Signup and view all the answers

Which of the following is a requirement to benefit from the unified credit?

Using the exemption at the first death Signup and view all the answers

What is a typical disposition of a bypass trust?

The trust property is paid to the children of the couple Signup and view all the answers

What is a potential issue when using formulas in trust plans created before 2018?

The exclusion amount may be incorrectly calculated Signup and view all the answers

Which of the following planning techniques allows the surviving spouse to disclaim some or all of the bequest?

Disclaimer Trust Signup and view all the answers

What is the advantage of using the Clayton Election in estate planning?

Preservation of flexibility and removal of concern about a surviving spouse disclaiming Signup and view all the answers

When should a disclaimer be accomplished after the deceased spouse's date of death?

Within 9 months Signup and view all the answers

Which of the following is a potential issue when using formulas in trust plans created before 2018?

The formulas may not accurately reflect the applicable exclusion amount. Signup and view all the answers

What is the purpose of titling property in the separate names of the spouses?

To overcome issues related to family business control or professional licenses. Signup and view all the answers

What is the advantage of using a 'sprinkling' trust in estate planning?

It allows for multiple beneficiaries, including the spouse, to receive distributions. Signup and view all the answers

Maximizing Unified Credit Exemption

Choose a study mode

Podcast

Questions and Answers

Which term refers to the amount of money that can be excluded from transfer taxes for 2022?

What is the maximum amount that a married couple can exclude from transfer taxes with proper planning?

When should the exemption be used to benefit from the credit?

What is the purpose of a Bypass Trust?

Which planning technique allows the surviving spouse to disclaim some or all of the bequest?

What is the advantage of using the Clayton Election in estate planning?

Which of the following is a requirement to benefit from the unified credit?

What is a typical disposition of a bypass trust?

What is a potential issue when using formulas in trust plans created before 2018?

Which of the following planning techniques allows the surviving spouse to disclaim some or all of the bequest?

What is the advantage of using the Clayton Election in estate planning?

When should a disclaimer be accomplished after the deceased spouse's date of death?

Which of the following is a potential issue when using formulas in trust plans created before 2018?

What is the purpose of titling property in the separate names of the spouses?

What is the advantage of using a 'sprinkling' trust in estate planning?

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