Estate Planning Exam 3 review
questions with complete solutions
passed
Identify the advantages of unlimited marital deduction - correct answer ✔✔ 1. Defers estate
taxes until the death of the surviving spouse
2. Ensures first estate is not reduced by estate tax which provides for surviving spouse
List the requirements of the unlimited martial deduction. - correct answer ✔✔ 1. The spouses
must be married at the death of the first spouse
2. The property must be included in the gross estate of the first spouse to qualify for the
unlimited martial deduction. The property must be included in the gross estate of the second
spouse, unless consumed or otherwise dissipated.
3. The property is transferred to the spouse, generally without a terminable interest.
What are the consequences of utilizing the unlimited martial deduction for the first-to-die
spouse? - correct answer ✔✔
Unless the inherited property has been consumed, a second-to-die spouse must include the
property in his gross estate if the 1st-to-die spouse elected the marital deduction on the
property - correct answer ✔✔ True
Transfers to a divorced spouse qualify for the unlimited marital deduction. The only
requirement is that the individuals were married within the last 3 years. - correct answer ✔✔
False
Use of the marital deduction will defer the payment of estate tax on property transferred to the
surviving spouse until the surviving spouse's death - correct answer ✔✔ True
questions with complete solutions
passed
Identify the advantages of unlimited marital deduction - correct answer ✔✔ 1. Defers estate
taxes until the death of the surviving spouse
2. Ensures first estate is not reduced by estate tax which provides for surviving spouse
List the requirements of the unlimited martial deduction. - correct answer ✔✔ 1. The spouses
must be married at the death of the first spouse
2. The property must be included in the gross estate of the first spouse to qualify for the
unlimited martial deduction. The property must be included in the gross estate of the second
spouse, unless consumed or otherwise dissipated.
3. The property is transferred to the spouse, generally without a terminable interest.
What are the consequences of utilizing the unlimited martial deduction for the first-to-die
spouse? - correct answer ✔✔
Unless the inherited property has been consumed, a second-to-die spouse must include the
property in his gross estate if the 1st-to-die spouse elected the marital deduction on the
property - correct answer ✔✔ True
Transfers to a divorced spouse qualify for the unlimited marital deduction. The only
requirement is that the individuals were married within the last 3 years. - correct answer ✔✔
False
Use of the marital deduction will defer the payment of estate tax on property transferred to the
surviving spouse until the surviving spouse's death - correct answer ✔✔ True
