Sunday, May 12, 2024
Specific Property Gifts

4.11.3 Basic Quiz -- Transfers at Death
If a decedent leaves Series EE savings bonds to his or her family at death, the family receives a step up in basis on the savings bonds.
     True      False
If savings bonds contain a co-owner or death beneficiary, those designations take precedence over a will or trust.
     True      False
Pension plans, savings bonds and commercial annuities are examples of IRD assets.
     True      False
A bequest of Series EE savings bonds to charity produces no income or estate tax liability.
     True      False
A donor may list charity as a death beneficiary on his or her savings bonds.
     True      False
A donor may list charity as a co-owner on his or her savings bonds.
     True      False
An excellent planning strategy is for a decedent to transfer Series EE savings bonds to a testamentary charitable remainder trust.
     True      False
After funding a testamentary charitable remainder trust with Series EE savings bonds, it is likely that the income beneficiary will receive mostly tax-free income from the trust.
     True      False
The term "final maturity" refers to the death of a taxpayer.
     True      False
An executor or beneficiary redeems Series EE savings bonds through the Internal Revenue Service.
     True      False



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