Option Blanks

A. Does not avoid, avoids

B. Grantee, trustee, Beneficiary

C. Only reduce, Only eliminate, reduce or eliminate

D. General, Estate Planning, Tax

v::CENGAGE MINDTAP Q Se' Ch 17: Assignment - Retirement and Estate Planning 10. Using trusts to transfer assets Trusts are used to transfer assets from an estate. The contractual nature of a trust V probating its assets upon the death of the V and may V federal estate tax. An attorney who practices V law should be hired to draft the trust in order to ensure that all of the benets of establishing a trust are realized. Rebecca and Maria both created trusts but used different approaches: Rebecca Rebecca created a trust in which she has the right to change its terms or even cancel it. The trust goes into effect while she is still alive. When Rebecca dies the assets will be considered part of her estate. What kind of trust did Rebecca most likely create? 0 An irrevocable living trust 0 A revocable living trust 0 A testamentary trust 0 An irrevocable charitable remainder trust Maria Maria is a successful professional who has three competitive children. To avoid fueling sibling rivalry, Maria created separate trusts for each child with the same amount of money funding each trust, available on the child's let birthday whether Maria is dead or alive. ": CENGAGE I MINDTAP \" Ch 17: Assignment - Retirement and Estate Planning Maria Maria is a successful professional who has three competitive children. To avoid fueling sibling rivalry, Maria created separate trusts for each child with the same amount of money funding each trust, available on the child's let birthday whether Maria is dead or alive. Maria has no power to change the terms of the trusts regardless of how her children conduct their lives. What kind of trust did Maria most likely create? 0 An irrevocable living trust 0 A testamentary trust 0 A revocable living trust 0 An irrevocable charitable remainder trust Chrissie and Edna both created trusts but used different approaches: Chrissie Chrissie created a trust with assets that will go to charity upon her death. Chrissie cannot change the terms of the trust but enjoys the income tax write-off for a charitable contribution. What kind of trust did Chrissie most likely create? 0 A revocable living trust Ch 17: Assignment - Retirement and Estate Planning Chrissie Chrissie created a trust with assets that will go to charity upon her death. Chrissie cannot change the terms of the trust but enjoys the income tax write-off for a charitable contribution. What kind of trust did Chrissie most likely create? 0 A revocable living trust 0 An irrevocable living trust 0 A testamentary trust 0 An irrevocable charitable remainder trust Ed na Edna and her husband just retired. They intend to travel frequently and enjoy their retirement without counting their pennies like they had to for many years. They created trusts for their minor grandchildren to be funded with any money left over, but not until after they die. What kind of trust did Edna most likely create? 0 An irrevocable charitable remainder trust 0 A testamentary trust Ch 17: Assignment - Retirement and Estate Planning What kind of trust did Chrissie most likely create? 0 A revocable living trust 0 An irrevocable living trust 0 A testamentary trust 0 An irrevocable charitable remainder trust Edna Edna and her husband just retired. They intend to travel frequently and enjoy their retirement without counting their pennies like they had to for many years. They created trusts for their minor grandchildren to be funded with any money left over, but not until after they die. What kind of trust did Edna most likely create? 0 An irrevocable charitable remainder trust 0 A testamentary trust 0 An irrevocable living trust 0 A revocable living trust Continue without saving