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Nellie recently executed a power of attorney giving Jessie the power to perform certain tasks. Which of the following powers given to Jessie would cause the property to be included in Jessie’s gross estate for federal estate tax purposes?

Louis established a charitable remainder trust which will pay income to him for life and the remainder to a local charity. Which of the following statements concerning the trust is (are) correct? (1) If Louis can make additional contributions, he has created a CRUT. (2) Louis can take an income tax deduction in the year the trust is created for the present value of the remainder interest.

Which of the following is NOT a characteristic of a Crummey trust?

Trey, while still alive, transferred securities valued at $25,000,000 early in 2023 to his favorite grandson, Jake.  Assume that Trey’s son and Jake’s dad, Rob, is still living at the time of such transfer. Which of the following statements is (are) true 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.

What is the first step in the estate planning process?

Which of the following can be used to transfer assets outside of the probate process?

Donald and Melania each own a 50% interest in Blackacre. Each party is free to sell his or her share of the property at any time and can direct the disposition of the property upon either’s death by means of a specific bequest in his or her will. This type of co-ownership is a:

Marcel and Jaime have been married for 45 years. Marcel is a citizen of Honduras, while Jaime is a citizen of the United States. Jaime died in 2024.  Jaime’s Will leaves all probate property to Marcel (outright, not in trust).  Assume that there is no non-probate property passing from Jaime to Marcel. What is the largest amount of property she could leave outright to Marcel **UNDER WILL** that would qualify for the Unlimited Marital Deduction?

Which of the following statements concerning the administration of an estate is (are) correct? (1) Some matters, such as funeral arrangements and emergency actions to preserve estate assets, will typically take place before an executor or administrator is appointed. (2) Even though the executor is named in the Will, formal court appointment of the executor is generally required before they will receive letters testamentary. (3) In Texas, the court appoints an administrator instead of an executor if the decedent died intestate.

Tony owned the following property at the time of his death. (1) $500,000 Personal residence titled in fee simple in Tony’s name. (2) $500,000 life insurance policy on Tony’s life. Primary beneficiary is Tony’s brother, Pepe (died 2 years before Tony), contingent beneficiary is “My Estate”. (3) $17,000 car titled JTWROS with Tony’s sister, Gia, who survived him. (4) $400,000 IRA, Primary beneficiary: Gia, survives. What is the value of Tony’s probate estate? (Assume he was not married on his date of death.)