Estate And Gift Tax Final

Front 1

QTIP Requirements

Back 1

1. right to income
2. no power to appoint to anyone
3. the executor of the first estate must make QTIP election by checking the box.

Front 2

Estate Tax Form

Back 2

Form 706

Front 3

Gift Tax Form

Back 3

Form 709

Front 4

Decedent's final income tax

Back 4

Form 1040

Front 5

Estate's income tax form

Back 5

Form 1041

Front 6

STUB income

Back 6

amount that accrues b/w last distribution account/trust and date of death

Front 7

Charitable Remainder Trusts
(tax exempt yes or no)

Back 7

Yes

Front 8

Sec. 2041

Back 8

General Pwr. of Appointment
Power to appt to oneself, one's estate, one's creditors, one's creditors of the estate.

Front 9

Hanging Crummy Power

Back 9

a power that extends beyond the 30 day period to withdraw.

Front 10

Grantor Trust Rules

Back 10

1. Revocable
2. retained enjoyment
3. benefit of yourself or spouse
4. Used to discharge of your support obligations

Front 11

Sec. 2044

Back 11

QTIP Trust
In the surviving spouse's gross estate.

Front 12

Sec. 2702

Back 12

Special Valuation Rules
1. Applies to gifts only
2. Retained Life Estate and give away remainder.
3. Only lineal desendants

Front 13

B Trust

Back 13

Credit shelter trust, credit trust, Bipass Trust, Family trust

Front 14

A Trust

Back 14

Marital Deduction trust

Front 15

2036 retained possesion or enjoyment for:

Back 15

1. Life
2. Period not ascertainable w/o reference to death
3. Or, for a period that does not in fact end before death.

Front 16

Sec. 2039

Back 16

Annuities and Death Benefits
1. Contract that is not life insurance
2. Beneficiary that will receive a payment by surviving the decedent
3. The decedent must be receiving an annuity at the time of death or have a right to receive at the time of death
4. Payments must arise under the same contract that the beneficiary was going to get paid under
5. Payments must continue for the decedent's life, for a period not ascertainable without reference to decedent's death, or for a period that did not in fact end before decedent's death.

Front 17

Estate Trust

Back 17

a trust to pay the income to the surviving spouse for life and the remainder to the surviving spouse's estate. It will be included in the decedent's gross estate but will qualify for the marital deduction.

Front 18

Gift completion on delivery or recording?

Back 18

Whichever is earlier.

Front 19

Gift Completion w/ Contract?

Back 19

When the contract becomes binding.

Front 20

Part Sale, Part Gift (3)

Back 20

1. Compute amount of gift
2. Compute the gain
3. Compute the basis

Front 21

2503(c)

Back 21

1. Gift to Minors
2. Present Interest Gift
3. Must pay everything out at age 25

Front 22

Crummy

Back 22

Beneficiary would be given a limited withdrawal right. Makes it an annual exclusion gift.

Front 23

Wall

Back 23

anyone can be trustee or remove or replace the trustee

Front 24

Strangi

Back 24

Creation of family limited partnership

Front 25

Cristofani

Back 25

Expanded Crummy powers to contigent beneficiaries

Front 26

QTIP Requirements (3)

Back 26

1. Surviving spouse must have right to income
2. no one can appoint property to anyone beside the spouse.
3. Must have elected QTIP Treatmeent

Front 27

Life Etate w/ POA exception

Back 27

1. can be a fraction of the property
2. surviving spouse can have the power to appoint interest.
3. STUB income