Question
What property is included in the gross estate?
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Answer
FMV of property owned or controlled at death.
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Question
Why is a bypass trust used in estate planning?
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Answer
To preserve both spouses' exclusions while using the marital deduction.
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Question
How does an ILIT keep life insurance out of the gross estate?
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Answer
It removes incidents of ownership from the insured.
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Question
What is the GST tax designed to prevent?
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Answer
Avoiding estate tax by skipping a generation.
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