Gladys Wants to Set Up a Trust That Is Also

question 29

Multiple Choice

Gladys wants to set up a trust that is also known as a bypass trust, family trust, "residuary" trust, A/B trust, and exemption equivalent trust. She should set up a(n)

• A) Credit-shelter trust.
• B) Revocable trust.
• C) Irrevocable trust.
• D) Living trust.
• E) Testamentary trust.

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Definitions:

Mixed Economies

Economic systems that combine elements of both capitalism and socialism, featuring a blend of government intervention and private enterprise.

Marx

Karl Marx, a 19th-century philosopher and economist known for his ideas about capitalism and communism.

Capitalism

A system of economy where the means for producing goods and services are privately owned, with the goal of generating profit.

Planet

A celestial body orbiting a star, massive enough to be rounded by its own gravity but not enough to cause thermonuclear fusion.