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Questions and Answers
Which term refers to the amount of money that can be excluded from transfer taxes for 2022?
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?
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?
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?
What is the purpose of a Bypass Trust?
Which planning technique allows the surviving spouse to disclaim some or all of the bequest?
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?
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?
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 typical disposition of a bypass trust?
What is a potential issue when using formulas in trust plans created before 2018?
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?
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?
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?
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?
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 purpose of titling property in the separate names of the spouses?
What is the advantage of using a 'sprinkling' trust in estate planning?
What is the advantage of using a 'sprinkling' trust in estate planning?
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