1. List five names used to describe the property that is held in a trust.
What will be an ideal response?
Res, corpus, principal, fund, trust property.
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A promise to make a gift has traditionally been considered?
A. ?voidable. B. ?void. C. ?unenforceable. D. ?enforceable.
Which of the following is indirect evidence that is offered to establish, by inference, the likelihood of a fact that is in question??
A. Direct evidence? B. Relevant evidence? C. Circumstantial evidence? D. Evidence?
If taxes are owed and extension to pay the estate tax may be granted by the IRS for a 12-month period for a reasonable clause. This is an example of:
a. Disclaimer clause b. Post-mortem estate planning c. Qualified Terminable Interest Property d. Internal Revenue Code 26 U.S.C.
Which of the following is not TRUE with respect to child support?
A) A step-parent owes a duty of child support to step-children he or she has adopted. B) A parent's child support obligation automatically terminates when the child reaches the age of majority in every state. C) Child support refers to a parent's legal obligation to contribute to the economic maintenance of a child until the age of majority, emancipation, or some other circumstance specified by a court. D) A parent's duty to support his or her child may continue even if the child is in the custody of a governmental agency such as a residential treatment program.