Briefly summarize a few of the most common post-mortem planning techniques that are used.
What will be an ideal response?
Some estate planning may occur after the decedent passes away. A disclaimer clause in a will or trust may allow for a beneficiary to disclaim or refuse a gift. This allows the gift to lapse and be given to a residuary beneficiary. The benefit of this may be to reduce a tax burden. Marital deduction clauses are also a means of a post-mortem estate planning. Apportionment is also used to reduce a beneficiary’s share of the tax burden. Use of an alternative valuation date may help to reduce the estates taxable value. Use of the qualified terminable interest property also qualifies as an example of post-mortem estate planning. Asking for an extension to pay estate taxes and power of appointment are two final examples of post-mortem planning.
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Interrogatories should be answered?
A. ?orally, if stipulated by all parties. B. ?under oath. C. ?without objection. D. ?without revealing the true answer.
?A(n) ____ is a relationship between two persons in which one person represents or acts in the place of the other.
A. ?agent B. ?principal C. ?agency D. ?independent contractor
Sarah has just been made a member of the bar and is going to open her own law office. You will be her first employee! What advice can you give her about professional liability insurance
A) It would be a good idea to research state law to find out if professional liability insurance is mandatory in your state. She will need a different policy to insure the firm for bodily injury and property damage because professional liability insurance covers direct financial loss and expense to the legal professional that arise from claims of neglect, omissions or errors, but not intentional torts. B) professional liability insurance does not cover bodily injury or property damage. C) professional liability insurance covers direct financial loss and expense to the legal professional that arise from claims of neglect, omissions or errors, but not intentional torts. D) some states require lawyers to have professional liability insurance (so we should go look that up.)
T or F The request for admission is limited to facts and opinions.
Answer the following statement true (T) or false (F)