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PART 8—QUICK QUIZ

T	F	1.	An estate consists of only the property a decedent leaves at death.
T	F	2.	There is no limit on the amount that can be transferred gift tax free to a qualified charity.
T	F	3.	The beneficiaries of an estate are liable for payment of any federal estate taxes due.
T	F	4.	Transfers of life insurance by the insured made within 3 years of death are included in the insured’s gross estate.
T	F	5.	In general, life insurance proceeds should be made payable to a decedent’s estate.
T	F	6.	An incident of ownership in life insurance is a right to an economic benefit of the policy.
T	F	7.	A direct-skip transfer applies to a gift made directly to a son or daughter.
T	F	8.	Survivorship life insurance is also called first-to-die insurance.
T	F	9.	Estate liquidity refers to the estate’s ability to raise cash in order to pay its liabilities.
T	F	10.	Equity of inheritance usually applies to situations involving a family business.
	1-F, 2-T, 3-F, 4-T, 5-F, 6-T, 7-F, 8-F, 9-T, 10-T

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