Estate Planning 101
Tax Deductions & Limitations
Just the Facts
Charitable Giving Strategies
You said WHAT?!
100
The Personal Representative must make this election on the deceased person's estate tax return to preserve the Deceased Spouse's Unused Exemption.
What is the Portability Election?
100
A step-up in cost basis is not available in this type of trust.
A Credit Shelter trust.
100
Fidelity Personal Trust Co.'s only investment option.
What is FPP?
100
You must do this on your tax return if you plan to deduct charitable donations
What is Itemize Deductions
100
The Massachusetts Estate tax only taxes those assets over the estate tax exclusion amount.
False.
200
$1,082,800 + 16% over $10,040,000
What is the highest estate tax rate in Massachusetts?
200
When you donate cash, you can deduct up to this percentage of your AGI.
What is 50%
200
This is the minimum to open a Fidelity Charitable account.
What is $5k
200
A Fidelity Charitable account with this balance or greater can be managed by a WAS advisor.
What is $250k
200
Assets held in a Transfer on Death account are not subject to estate expenses, including taxes.
False
300
One year from the date of the decedent's death.
What is the statute of limitations for bringing a claim against a Massachusetts estate.
300
The income generated in a grantor trust is taxed to this person.
Who is the grantor?
300
This type of trust cannot be amended.
What is an irrevocable trust?
300
Giving the right asset at the right time is important when contributing to charity. This is the right asset to leave to charity as a bequest.
What is Tax Deferred
300
A Massachusetts will must be approved by a court before it is enforceable.
True
400
This power granted in a trust gives a third-person the authority to distribute trust assets.
What is a power of appointment?
400
You will receive this type of deduction when you donate art work or collectibles to a museum, not a donor-advised fund.
What is a FMV deduction.
400
This is the current average age of Fidelity Charitable donors.
What is 62 years old
400
These are two of the most compelling reasons that someone may complement their Private Foundation with a Donor-Advised Fund. (Some may choose to fully collapse their Private Foundation).
What is cost, anonymity, adminstrative burden
400
Charitable deductions may only be used in the year the charitable contribution is made.
What is False there is a 5 year carry-forward for un-used deductions
500
In this type of trust, the following requirements must be met:• A special election must be made on the estate tax return;•Distributions of principal will be subject to payment of estate tax. •The trust terms should provide that all income is distributable to the surviving spouse•The trustee must be a US citizen
What is a Qualified Domestic Trust?
500
Trusts are taxed at this rate once it retains $12,150 of net fiduciary income.
What is 39.6%?
500
27% of all grants from Fidelity Charitable made in 2013 were to this Sector.
What is Religion
500
Dave Levasseur age 72 wants to do a direct rollover to a qualified charity for his 2014 MRD in the amount of $150,000. These are the two issues he faces.
What is 1. The Qualified Charitable Distribution expired at the end of last year and has not been approved for 2014 2. Historically, the limit is $100k
500
You can donate a security and the very same day, buy that security back without being subject to the wash-sale rule.
What is True.
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