Describe POD and Totten Trusts.
What will be an ideal response?
POD accounts are savings accounts that a depositor, called the, trustee opens for the benefit of another. Upon the depositor’s death, the money automatically passed to the possessor of the benefit and does not become part of the estate. That is known as a TOTTEN TRUST.
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The major legal encyclopedias are:
a. Corpus Juris Secundum (C.J.S.), by West Publishing Company. b. American Encyclopedia (Am.Jur., Am.Jur.2d), by Lawyer's Cooperative. c. Encyclopedia of the Law (Encyc. L.) by Thomson Corporation. d. Both a and b.
A “spendthrift trust”:
a. will protect the trust's assets from the hands of all creditors. b. includes a provision that restricts the trust assets so that they do not become the beneficiary's until he actually receives the income or portion of the principal. c. prevents the beneficiary from selling or otherwise giving away his potential interest in the trust's assets. d. all of the above
The Fair Labor Standards Act ___________________.?
A. ?sets standards regarding who can be hired by employers B. ?sets minimum wage and overtime pay requirements C. ?identifies standards regarding unions D. ?establishes fairness standards regarding how employers must treat employees E. ?none of the above
?Which of the following statements is not true regarding persuasive authorities?
A. ?Persuasive authorities are binding on all courts. B. ?Persuasive authorities are not binding on courts. C. ?Persuasive authorities can be previous court opinions from other jurisdictions. D. ?None of these choices is correct.