Mary is updating her estate planning documents and is worried that the property that her daughter, Sally, will inherit from Mary may disqualify her from receiving certain means-tested government benefits. What type of trust should Mary consider setting up for Sally to receive her inheritance to help preserve such benefits?

 Which term means pertaining to dead tissue?

Which of the following statements regarding Dynasty Trusts is incorrect?

An executor may value assets in the gross estate of a decedent as of the date of death or the alternate valuation date 6 months after death. Assuming the executor elects the alternate valuation date, which of the following statements is (are) correct? (1) Property sold by the executor before the alternate valuation date is valued at its arm’s-length sale price. (2) Property may be valued at the alternate valuation date if it will reduce the gross estate and the estate tax due.

Beneficiaries of a trust must be legal persons and cannot be legally incompetent persons who are unable to enforce their rights.  

Brooke made a gift in 2022 of $1,000,000 for which she paid $200,000 in gift taxes. Brooke died in 2024 leaving assets of $8,000,000 in her estate. How does Brooke’s 2022 gift affect her gross estate?

The difference between a charitable remainder annuity trust (CRAT) and a charitable remainder unitrust (CRUT) is that a CRATs assets must be revalued annually and a CRUT’s assets are only valued once.    

Same facts as the previous question, but Rob died in a skydiving accident before such transfer took place. Which of the following statements is (are) correct concerning the taxation of this transfer? (1) The transfer is subject to the generation-skipping transfer tax. (2) The transfer is subject to the federal gift tax.

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

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