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A life insurance policy transferred to an irrevocable trust

Thesis Help Finance A life insurance policy transferred to an irrevocable trust

Finance

A life insurance policy transferred to an irrevocable trust

A life insurance policy transferred to an irrevocable trust is a gift of a future inter… Show more Question 4 A life insurance policy transferred to an irrevocable trust is a gift of a future interest. True False 2.5 points Question 5 Identify transfers that are not included when determining taxable gifts. You wrote a check directly to your alma mater for $2,000 You forgave the loan you made to your son last year which has outstanding payments and interest of $25,000 You contributed $500 to your favorite political candidate’s campaign You changed the deed to your vacation home in Delaware to give your son the remainder interest worth $80,000 2.5 points Question 6 When a parent transfers $65,000 to a § 529 plan, the parent cannot take additional annual exclusions to reduce taxable gifts made to the same beneficiary for the next five years. True False Roberto transferred rental property worth $300,000 to an irrevocable trust this year. Roberto’s son Milo, age 14, is the beneficiary of the trust. Roberto’s wife, Francesca, is the trustee. The rental income will accumulate in the trust and be distributed to Milo when he turns age 35. How will this transfer affect Roberto’s gift tax and estate tax? Roberto can reduce the taxable gift by an annual exclusion. Roberto cannot take an annual exclusion to reduce the taxable gift. The rental property is included in Roberto’s gross estate at death. Not enough information is provided to determine the gift and estate tax consequences. • Show less

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