Estate Planning Flashcards
1
Q
Tenancy in Common
A
- Probate
- undivided and unequal by several
- no survivorship rights
2
Q
Exclusions from Gross Estate
A
- Life insurance owned by others
- completed gifts
- life payouts for decedents life only
Estate 2-4
3
Q
Adjusted Gross Estate
A
Gross estate less:
* Funeral expenses
* Admin expenses
* debts
* taxes (includes gift)
* casualty losses
also called net estate or tentative taxable estate
Estate 2-4
4
Q
Taxable Estate
A
Adjusted Gross Estate less:
* Marital deductions
* charitable deductions
* sometimes state death/inheritance taxes
Estate 2-4
5
Q
Increasing Basis on Appreciated Gifts
A
Requirements:
* must be appreciated
* gift tax paid by donor
* basis can increase up to amount of gift tax paid
Estate 3-5
6
Q
Deductible (exempt) gifts
A
- Directly to education
- Directly to medical care
- to spouse
- to qualified charity
- to political organizations
- to POTUS
7
Q
CRUT
A
- charitable contributions made through CRUT - the donation is limited to 30% of AGI if it’s appreciated stock
8
Q
A
