Wednesday, May 8, 2024
Deferred Gifts

3.1.1 Basic Quiz -- Annuity Trust Duration and Recipients
An annuity trust can only be created for one or two lives.
     True      False
All annuity trust beneficiaries must be alive and named in the trust document at the time the trust is created.
     True      False
A charity cannot be an income beneficiary of an annuity trust; it can only be a remainder beneficiary.
     True      False
It is not possible to create an annuity trust for one life or two lives with a guaranteed term of years.
     True      False
If there is a qualified contingency in the annuity trust document such that the term of the trust may be reduced, the donor receives an additional deduction for the possibility that the trust will not last for the full term.
     True      False
All annuity trust payments for a given year must be made by December 31st of that year.
     True      False
It is possible to create an annuity trust for the lesser of a life or a term of years.
     True      False
If a term of years annuity trust is created, the beneficiaries of the trust do not need to be specifically named in the trust document.
     True      False
The payout from an annuity trust depends on how well the trust investments performed in the previous year.
     True      False
It is never permissible for an annuity trust to pay income to another trust.
     True      False



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