Estate Chapter 2

Question 1

Who can tenancy by the entirety property pass to?

Answer 1

Only the surviving spouse

Question 2

Life insurance owned by the decedent

Answer 2

Is included in the gross estate. then, if the spouse is the beneficiary, the face value is deducted from the AGE because it passes by the marital deduction.

Question 3

What is the nature of the transfer tax system?

Answer 3

cumulative; same for lifetime gifts and testamentary transfers

Question 4

Cash value is usually retained by carrier at death.

Answer 4

True