Property owned by a person who dies intestate and without heirs will escheat to the A. city. B. city or county. C. state or county. D. federal government.
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Property owned by a person who dies intestate and without heirs will escheat to the
A. city.
B. city or county.
C. state or county.
D. federal government.
Step by step
Solved in 4 steps
- What guidelines must be followed to classify a transaction as associated with the principal of an estate or as an income transaction? Select one: a.The decedent's intentions or state laws b.Generally accepted accounting principles c.The Internal Revenue Code d.State estate laws e.Federal estate lawsUnder what circumstances does an estate have an executor? Select one: a.When the estate exceeds the dollar amount of the estate tax exemption. b.When the will establishes a trust fund. c.When there is no valid will. d.When the will is contested. e.When the will names a specific person to administer the estate.Why might real estate be omitted from an inventory of estate property? Choose the correct.a. Real estate is subject to a separate inheritance tax.b. State laws prohibit real property from being conveyed by an estate.c. State laws require a separate listing of all real estate.d. In some states, depending on the ownership, real estate is considered to be conveyed directly to a beneficiary at the time of death.
- What is the purpose of the laws of distribution? Choose the correct.a. To guide the distribution of personal property when an individual dies without a will.b. To verify the legality of a will, especially an oral will.c. To guide the distribution of real property when an individual dies without a will.d. To outline the functions of the executor of an estate.What is the purpose of the laws of distribution? To guide the distribution of personal property when an individual dies without a will. To verify the legality of a will, especially an oral will. To guide the distribution of real property when an individual dies without a will. To outline the functions of the executor of an estate.If property is inherited by a taxpayer, a.To the recipient, the basis for the property is the same as the basis to the decedent. b.At sale date, the basis of the property to the recipient differs depending on whether the property was sold at a gain or a loss. c.At sale date, the recipient will not have a gain or loss even if the recipient has held the property for more than a year. d.In general, the basis to the recipient is the fair market value at the decedent's date of death.
- Why might real estate be omitted from an inventory of estate property? Real estate is subject to a separate inheritance tax. State laws prohibit real property from being conveyed by an estate. State laws require a separate listing of all real estate. In some states, depending on the ownership, real estate is considered to be conveyed directly to a beneficiary at the time of death.What is the objective of the process of abatement? To give legal structure to the reductions that must be made if an estate has insufficient assets to satisfy all legacies. To ensure that all property distributions take place in a timely manner. To provide adequate compensation for the estate executor and any appraisers or other experts that must be hired. To ensure that all legacies are distributed to the appropriate party as specified by the decedent’s will or state laws.Which of the following is not a goal of probate laws? To gather and preserve all of the decedent’s property. To ensure that each individual produces a valid will. To discover the decedent’s intent for property held at death and then to follow those wishes. To carry out an orderly and fair settlement of all debts and distribution of property.
- Statement I: An estate represents the assets of a deceased person after all liabilities and taxes are deducted. Statement II: Real estate planning is the process of developing a plan to administer and distribute assets in a manner consistent with the desires and needs of a deceased person's beneficiaries. Statement II is true. Statement I is true. Statements I and II are false. Statements I and II are true.Which of the following is not a goal of probate laws? Choose the correct.a. To gather and preserve all of the decedent’s property.b. To ensure that each individual produces a valid will.c. To discover the decedent’s intent for property held at death and then to follow those wishes.d. To carry out an orderly and fair settlement of all debts and distribution of property.Answer each of the following questions: What are the objectives of probate laws? What tasks does the executor of an estate perform? What assets are normally included as estate properties? What claims have priority to the distributions made by an estate?