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Question 1 (2 points)

Which of the following does NOT generally have to be filed by April 15?

Question 1 options:

	Federal Income Tax Return
	Federal Estate Tax Return
	Federal Gift Tax Return
	Most state income tax returns

Question 2 (2 points)

Which of the following states imposes an inheritance tax on successors?

Question 2 options:

	Wyoming
	Minnesota
	South Carolina
	Kentucky

Question 3 (2 points)

Bob and Mary have a son, Steven, and a granddaughter, Kelly. If Bob made a transfer of interest in property to Kelly, who would be the skip person?

Question 3 options:

	Mary
	Bob
	Kelly
	Steven

Question 4 (2 points)

Which of the following does the personal representative NOT have to file?

Question 4 options:

	Federal Individual Income Tax Return
	State Estate Tax Return
	Federal Sales Tax Return
	State Individual Income Tax Return

Question 5 (2 points)

Which is an example of a Qualified Terminable Interest Property (QTIP) property?

Question 5 options:

	A life insurance policy with a one-time lump sum payment to the surviving spouse
	An automobile
	A homestead
	A trust with a life interest to the surviving spouse and remainder to the children

Question 6 (2 points)

Which is NOT a way in which an estate planner can use trusts to benefit family members?

Question 6 options:

	Identify the estate assets and the beneficiaries who are to receive them.
	Diminish problems such as will contests.
	Reduce federal and state death taxes.
	Avoid probate.

Question 7 (2 points)

To qualify for the charitable deduction, a gift cannot be made to a(n):

Question 7 options:

	Private school
	Religious charity
	Individual
	Library

Question 8 (2 points)

Which is NOT a major type of life insurance?

Question 8 options:

	Universal life insurance
	Whole life insurance
	Term life insurance
	Custodial life insurance

Question 9 (2 points)

Which is NOT a potentially adverse factor that could diminish any estate?

Question 9 options:

	Administration expenses
	Trusts that transfer property after the deaths of both spouses
	Forced liquidation
	Termination of employment

Question 10 (2 points)

Which is NOT a common method of reducing the gross estate?

Question 10 options:

	Life insurance
	Trusts that do not avoid multiple taxation
	Gifts made during the donors lifetime
	Special power of appointment

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