All the following statements concerning the generation-skipping transfer tax (GSTT) are correct for 2024 except:

Which of the following is considered an incident of ownership of a life insurance policy?

Donald and Melania each own a 50% interest in Blackacre. Each party is free to sell his or her share of the property at any time and can direct the disposition of the property upon either’s death by means of a specific bequest in his or her will. This type of co-ownership is a:

What is the first step in the estate planning process?

Tommy and Mary own their home as community property.  When they purchased the property it was worth $250,000.  Tommy subsequently passes away and at the time of death the property was worth $350,000.  Mary’s half of the property will receive a step-up in basis because it was community property.

Viola has been appointed executor of her business partner’s estate. Which of the following statements concerning her role as executor is (are) correct? (1) Viola will have to post a bond unless the decedent’s Will specifically provides to the contrary, or unless all beneficiaries agree that she doesn’t have to post a bond. (2) The court will issue letters testamentary to Viola granting her authority to act on behalf of the estate, if she applies and qualifies.

Even if a life insurance policy is held in a trust, the death proceeds are included in the decedent’s gross estate if the insured retained the ability to change beneficiaries.

Which of the following is NOT a characteristic of a Crummey trust?

Which of the following can be used to transfer assets outside of the probate process?

An executor may elect an alternative valuation date that is six months after death rather than the date of death itself, if the resulting value of the gross estate and the Federal estate tax imposed both decrease.