In 1985, Drew Creates a Trust with $1,000,000 of Securities

question 21

Multiple Choice

In 1985, Drew creates a trust with $1,000,000 of securities. Under the terms of the trust, Paula (Drew's wife) is granted a life estate with remainder to their children. Drew makes a QTIP election as to the trust. Drew dies in 1992 when the trust is worth $1,500,000, and Paula dies in 2016 when the trust is worth $2,000,000. Which, if any, of the following is a correct statement?

• A)The trust is included in Drew's gross estate when he dies in 1992.
• B)None of the trust is included in Paula's gross estate when she dies in 2016.
• C)Drew does not get a marital deduction in 1985.
• D)All of the value of the trust ($2,000,000) is included in Paula's gross estate when she dies in 2016.
• E)None of the above.

Explain the self-reference effect and its impact on information processing and memory.

Compare the strengths and weaknesses of self-enhancement, appraisal, and consistency motives.

Define the working self-concept and its fluidity depending on social contexts.

Assess the impact of social and interpersonal contexts on self-concept and self-knowledge revision.

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Definitions:

Big Six

Often refers to a model in personality psychology that expands on the traditional Big Five personality traits by including a sixth trait, often Honesty-Humility.

Honesty-Humility

Honesty-Humility is a dimension of personality in some models, emphasizing traits related to sincerity, fairness, greed avoidance, and modesty.

Openness to Experience

A personality trait describing the extent to which a person is open to experiencing a variety of activities, engaging in new experiences, and being creative.

Creativity

The ability to produce original and valuable ideas or things.