1. The marital deduction:

a. What is the marital deduction?

b. How is the marital deduction "unlimited"?

c. What requirements must be met in order to obtain the marital deduction?

d. Why does the use of the marital deduction still require estate planning on the part of the surviving spouse?

2. What is the cy pres doctrine? What is the purpose of the cy pres doctrine?

3. Gifting:

a. How is gifting important in estate planning?

b. What is the annual gift tax exemption/exclusion and how does it work?

c. What gifts are eligible for the annual gift tax exemption/exclusion?

4. Charitable trusts:

a. What is a charitable trust generally?

b. What requirements must be met for a charitable trust to be valid?

c. What is a charitable remainder trust?

d. How does a charitable remainder annuity trust differ from a charitable remainder unitrust?

5. Life insurance trusts:

a. What is a life insurance trust?

b. How can a life insurance trust be set up?

c. What is the primary benefit of a life insurance trust?

d. What is a Crummy notice and Crummy power?

6. How does a Lady Bird Deed differ from a Revocable Transfer on Death Deed? What are the pros and cons of a Revocable Transfer on Death Deed?

7. Qualified Terminable Interest Trust:

a. What is a qualified terminable interest trust?

b. What requirements must be met for a QTIP to be valid?

8. Marital and family trusts:

a. What is the purpose of a marital and family trust?

b. How is a marital and family trust typically structured or setup?

c. Describe and explain each portion of a family and marital trust.

9. What is a special or supplemental needs trust? What is the purpose of a special or supplemental needs trust?

10. Sprinkling/spray trusts:

a. What is a sprinkling or spray trust?

b. What are the advantages of a sprinkling or spray trust?

c. What are the disadvantages of a sprinkling or spray trust?

Answer rating: 100% (QA)

1 The marital deduction a The marital deduction is a provision in the US tax code that allows for the unlimited transfer of assets between spouses during life or at death without incurring gift or est... View the full answer