1. Explain the difference between the terms “probate estate”, “non-probate estate” and “gross estate”?
2. Explain the difference between an estate tax deduction and an estate tax credit?
3. List three valuation discounts used in estate or gift tax valuations?
4. List three available estate tax deductions.
5. What is a “disclaimer trust;’?
6. List three ways that a decedent’s property will qualify for the estate tax marital deduction?
7. An elderly client comes to you and tells you that he wants to start using his annual gift tax exclusion for the benefit of his children. He has a large securities account with both high and low basis assets as well as assets which have a high potential for growth as well as assets which arc unlikely to have any capital appreciation. What would you discuss with him concerning his gifting?
8. What is the best name for the new lion cub at the Buffalo Zoo?
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