Identify Which of the Following Statements Is True

question 17

Multiple Choice

Identify which of the following statements is true.

• A)The trustee of a Sec. 2503(c)trust must distribute all of the corpus and accumulated income when the beneficiary reaches the age of 25.
• B)The gift tax exclusion is available for a gift of a present or future interest.
• C)A "Crummey demand power" in a trust document allows the donor to demand a distribution from the trust in years in which assets are transferred to the trust.
• D)All of the above are true.

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Definitions:

Family

A social unit consisting of parents and their children, extended to include relatives by blood or marriage.

Mandatory Reporting Law

Laws requiring certain professionals to report suspected cases of abuse or neglect to the appropriate authorities.

U.S. Society

A broad term referring to the societal structure, cultural norms, and social behaviors observed within the United States.

Protecting Children

Efforts and measures taken to safeguard children from harm, ensuring their well-being, rights, and development are preserved.