Which of the following is true regarding a disclaimer:

Which of the following statements concerning advance medical directives is (are) correct? (1) A living will, like other testamentary documents, becomes effective only after a person has died. (2) A durable power of attorney for health care (or medical power of attorney) allows one person to make decisions for another when the principal is incapacitated.

True or False:  A sarcoma is a malignant growth.

All the following statements concerning the deferral of payment of estate tax under Section 6166 for estates that hold closely held business interests are correct except:

Taylor received stock from his Dad as a lifetime gift as follows: Date of gift – 01/01/2024 FMV at date of gift – $300 Date of purchase – 06/07/2007 Purchase price – $500 What are the tax consequences if Taylor sells 2/2/2024 for $400?

Use of an Irrevocable Life Insurance Trust can accomplish which of the following? Make proceeds available to the surviving spouse. Ensure that proceeds will be excluded from the probate of both spouses. Shelters cash contributed for premiums from taxation up to the annual exclusion amount.

Which of the following is one of the principal reasons for establishing a revocable living trust?

For a CFP who is not a licensed attorney, which of the following activities would be considered the unauthorized practice of law? Preparing a last will and testament for their first client. Helping clients to identify their financial planning goals. Preparing financial statements for prospective clients. Referring clients to their brother, Jack, who happens to be a licensed attorney.

Which of the following statements regarding a Crummey trust is false?

Nellie recently executed a power of attorney giving Jessie the power to perform certain tasks. Which of the following powers given to Jessie would cause the property to be included in Jessie’s gross estate for federal estate tax purposes?