At the Time of His Death, Lance Held a Life

question 74

Multiple Choice

At the time of his death, Lance held a life estate in the LM Trust. Under which of the following circumstances will the LM Trust not be included in his gross estate?

• A)The trust was created by Lance and was revocable. He released the power to revoke four years before his death.
• B)The trust was created by Lance and is irrevocable.
• C)The trust was created by Lance's father.
• D)The trust was created by Lance's deceased wife and the executor of her estate made a QTIP election.
• E)None of the above.

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Definitions:

Color Vision

The ability of organisms to distinguish objects based on the wavelengths of the light they reflect, emit, or transmit.

Trichromatic Theory

A theory of color vision proposing that the eye perceives color through the relative rates of response by three types of cone cells, each sensitive to different wavelengths of light.

Opponent-Process Theory

Theory of color vision that proposes visual neurons (or groups of neurons) are stimulated by light of one color and inhibited by light of another color.

Visual Processing

The analysis and interpretation of visual information by the brain to understand and interact with the environment.