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Question

A. ?An unlimited amount of a decedent's gross estate that may be given to the surviving spouse without being subject to federal estate tax
B. ?A trust in which the settlor or named beneficiary can retain income from the trust, usually for life, and after death, the trust property goes to a qualified charity
C. ?A practice available to spouses to join in annual gifts and combine their individual gifts to donees to avoid gift taxes
D. ?An immediate and unrestricted interest in real or personal property
E. ?An estate created by operation of law and not directly by the parties themselves
F. ?An increase in the income tax of appreciated property, which is valued on the date of the donor's death or the alternate valuation date
G. ?The right to pass on an interest in property to whomever a donee chooses, including himself/herself, the estate, creditors, or creditors of the estate
H. ?The least expensive form of life insurance, which provides pure protection without cash surrender or loan value
I. ?The right of a beneficiary or heir to refuse a gift by will, trust, or inheritance without any adverse tax consequences
J. ?An estate planning device whereby a portion of a deceased spouse's estate passes to a trust instead of directly to the surviving spouse

Answer 1

A. ?marital deduction
B. ?charitable remainder
C. ?gift splitting
D. ?present interest
E. ?legal life estate
F. ?stepped-up basis
G. ?general power of appointment
H. ?term life insurance
I. ?disclaimer
J. bypass trust