How Long Would a Decedent and Spouse Have to Be

question 18

Multiple Choice

How long would a decedent and spouse have to be married for the surviving spouse to be entitled to an elective-share percentage of 50 percent of the augmented estate?

• A)15 years
• B)5 years
• C)10 years
• D)20 years

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Definitions:

Fiscal Year

A 12-month period used for accounting purposes and preparing financial statements, which may not align with the calendar year.

Principal Repayment

The process of paying back the original amount borrowed from a lender, excluding interest payments.

Remote Contingent Liability

A potential liability that is considered unlikely to occur and thus is not recorded in financial statements but may be disclosed in the notes.

Disclose Only

A policy or requirement of revealing information without necessitating additional actions or changes based on the disclosure.