Identify Which of the Following Statements Is False

question 54

Multiple Choice

Identify which of the following statements is false.

• A)A gift occurs when a revocable trust is funded.
• B)A gift does not occur until the transfer is complete.
• C)A transfer is incomplete (and not subject to the gift tax)if the donor retains the power to name new beneficiaries or to change the interests of the beneficiaries.
• D)Transfers to an irrevocable trust can be deemed incomplete.

---

Definitions:

Encoding

The process by which information is transformed into formats that can be stored in memory.

Automatization

The process by which tasks become automatic after extensive practice, requiring less cognitive effort to perform.

Storage

In the context of cognition, refers to the retention of information in the memory over time.

Retrieval

The process of accessing and bringing into consciousness information stored in memory.