Question

These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description Executor This is a document that idenbifies the treatments and care that a person wants if he or she becomes terminally ill. This is the tax levied on the value of the property transferred at the owner's death. This is a trust created and funded during a grantor's lifetime A. Gross estate B. Durable power ofC. attorney for financial matters Living will This is a legal document that authorizes another person to take over someone's financial affairs and act on his or her behalf D. Gift splitting 」 E. This rmethod of reducing gift taxes involves one spouse, with the consent of the other spouse, giving a gift and the transaction being treated as if each spouse had given one-half of it Testamentary trust F. This is a trust created by a decedent's will and funded through the probate process. Beneficiary G. This refers to the fair market value of the sum of all probate and non-probate property in which the decedent had an interest and that is subject to federal estate taxes on his or her death. L」 This refers to a party who receives benefits from the estate of a decedent or from a trust. Testator H. L This is the personal representative of the decedent, who administers the decedent's estate. Living trust Estate tax □ J. This is the person who makes a will.

Answer 1

Correct matching is as follows:

Executor: J. Person who makes a will

Gross Estate: G.

Durable power of attorney for financial matters: D.This is a legal document that authorizes another person to take over someone’s financial affairs and act on his or her behalf

Living will: A.

Gift Splitting: E. This method of reducing gift tax

Testamentary Trust: F.

Beneficiary: H.

Testator: I.

Living Trust:C. This is a trust created and funded during a grantor’s lifetime

Estate Tax: B.tax levied on property transferred at death