Benjamin Wiley Is Married and Has Assets Totaling $7 Million

question 31

Multiple Choice

Benjamin Wiley is married and has assets totaling $7 million.What type of will would most likely result in the lowest overall amount of federal estate taxes? Assume the exemption amount is $3 million.

• A)Simple
• B)Traditional marital share
• C)Exemption trust
• D)Stated dollar amount
• E)Living

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Definitions:

Payroll

The total amount of wages paid by a company to its employees for a set period of time.

Known Liability

Obligations or debts that have been incurred and are measurable with a high degree of certainty.

Vacation Benefits

Employee benefits that provide paid or unpaid time off from work for holidays, vacations, and personal time.

Times Interest Earned

A financial ratio that measures a company's ability to meet its debt obligations by comparing its interest expense to its earnings before interest and taxes.