Identify Which of the Following Statements Is False

question 61

Multiple Choice

Identify which of the following statements is false.

• A) A gift occurs when a revocable trust is funded.
• B) 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.
• C) A gift does not occur until the transfer is complete.
• D) Transfers to an irrevocable trust can be deemed incomplete.

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Definitions:

Storge Love

A type of love based on deep affection and friendship, typically found in family relationships.

Carefree

Describes a state of not having worries, stress, or responsibilities.

Casual Love

A type of romantic relationship where the partners are not seeking commitment or have no expectations of a long-term future together.

Rapport Stage

A phase in relationship development where mutual trust and understanding are established, facilitating smoother communication.