Saturday, April 27, 2024
Deferred Gifts

3.1.6 Basic Quiz -- Gifts from an Annuity Trust
It is permissible for a beneficiary to give away part or all of his or her income interest in an annuity trust.
     True      False
A beneficiary wishing to give away all or part of an income interest in an annuity trust can do so immediately after creating the trust.
     True      False
If a beneficiary gives the sole charitable remainderman his or her income interest in an annuity trust, the charitable remainderman then owns the whole trust.
     True      False
When a beneficiary gives away all of the income interest in an annuity trust, he or she receives an additional charitable deduction.
     True      False
A beneficiary can give away excess principal in an annuity trust.
     True      False
Just as when giving away part of their income interest, when a beneficiary gives away excess principal he or she also receives a charitable deduction.
     True      False
When a beneficiary receives a deduction for giving away part of an income interest, he or she always gets to use that deduction for up to 50% of adjusted gross income.
     True      False
If a charity already owns the remainder interest and is then given the income interest, it can distribute all of the principal to itself.
     True      False
In order for a beneficiary to receive a charitable deduction for giving away part of his or her income interest, the beneficiary needs to give up an undivided interest in his or her income stream.
     True      False
When making gifts to charity from an annuity trust, one must consider the partial interest rules.
     True      False



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