CANNON CTFA PREP CORRECTLY SOLVED

CANNON CTFA PREP CORRECTLY SOLVED
Question : Jean and John Simmons are married and own
their own home as tenants by entirety. When John dies
the home is valued at $350,000. How much will be
counted in his gross taxable estate?
A. None, as it passes directly to his spouse, Jean.
B. $175,000 - or one-half of the value
C. $225,000 - or the full amount minus the $125,000 onetime exclusion for capital gains on a person residence.
D. $350,000 - the full amount is includable.
CORRECT ANSWER: B. $175,000 - or one-half the
value
Question : Once a will is properly drafted it is valid:
A. in all states.
B. for the state for which it was prepared.
C. in all states for a period of 5 years.
D. for the state for which it was prepared for a period of 5
years.

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