CANNON TRUST 2 ADVANCED MARITAL DEDUCTION PLANNING AND DOCUMENT ANALYSIS ACTUAL EXAM QUESTIONS WITH CORRECT ANSWERS 100% VERIFIED GRADED A+

CANNON TRUST 2 ADVANCED
MARITAL DEDUCTION PLANNING
AND DOCUMENT ANALYSIS ACTUAL
EXAM QUESTIONS WITH CORRECT
ANSWERS 100% VERIFIED GRADED
A+
1. MaritalmDeductionm-
mCORRECTmANSWERmTomobtainmthismfrommthemgrossmestatemofmamdecedent,mthemspousemm


ustmhavemamdeductibleminterest;mTheminterestmmustmpassmtomthemsurvivingmspousemandmitm
maymnotmbemamterminableminterestm(UnlessmQTIPmElection)



2. MaritalmTrustsm-
mCORRECTmANSWERmGeneralmPowermofmAppointmentmMartialmTrust,mEstatemTrust,mQTIP,m


ormQDOT



3. Portabilitym-
mCORRECTmANSWERmAllowsmformthemfirstmdeceasedmspouse'smDSUEmtombemusedmbymthemsu


rvivingmspousemformgiftmormestatemtaxmpurposes;mElectedmbymamtimelymfilingmofmthemestatemt
axmreturnmFormm706m(withinm5myears)



4. Pro-BypassmTrustm-
mCORRECTmANSWERmAllowmbypassmportionmtomgrowmbeyondmthemestatemtaxmfreemamount;


mProtectmagainstmdramaticmriseminmvaluemofmevenmammodestmestate;mLockminmGSTTmExempti


onmwhichmismNOTmportable;mAvoidsmestatemtaxmandmthempersonmreceivingmthemmoneymwillm
paymincomemtax



5. AdvantagesmofmPortabilitym-mCORRECTmANSWERmSimple,mTwomStep-
Ups,mMaympaymlessmincomemtax,mAbsolutemcontrolmformsurvivingmspouse

, 6. GeneralmPowersmofmAppointmentm-
mCORRECTmANSWERmAppointmentmtomself,mestate,mcreditor's,mandmcreditor'smofmestate,mlif


etimemGPA,mtestamentarymGPA,m5x5,mandmcrummeympower



7. LimitedmPowersmofmAppointmentm-
mCORRECTmANSWERmAscertainablemstandardm(HEMS,madversemparty,mindependentmtruste


e),mappointmtomspecifiedmclass,mandmrightsmtomincomem(all,mdiscretionary,mpayablemtomgrant
or/spouse);mHavemNOmincomemormestatemtaxmeffect!



8. LifetimemGPAm-mCORRECTmANSWERmIncomem-mGrantor
9. IncludedminmEstate
10. Terminatemuponmdeath



11. TestamentarymGPAm-mCORRECTmANSWERmIncomem-mNomEffect
12. IncludedminmEstate



13. 5x5m-mCORRECTmANSWERmIncomem-mGrantormform5x5
14. Estatem-mUnlapsedmOnly



15. CrummeymPowerm-mCORRECTmANSWERmIncomem-mGrantormform%
16. Transferm-mExcessmoverm5x5



17. BypassmTrustm-
mCORRECTmANSWERmTrustmismincludableminmyourmestate;mSSmdoesmnotmhavemtombemambenef


iciary;mCanmhavemanympowermothermthanmLifetimemormTestamentarymGPAm(Thismwouldmmak
emitmamGrantormTrust)



18. GPAmMaritalmTrustm-
mCORRECTmANSWERmSpousemMUSTmreceivemallmincomematmleastmannually;mSpousemmaymh


avemLifetimemormTestamentarymGPAmandmanymothermpowermsincemtheymaremtreatedmasmthem
ownermofmthemproperty