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There Are No Legal Requirements That You Must Leave Part

question 40

True/False

There are no legal requirements that you must leave part of your estate to your spouse.


Definitions:

Additional Assessment

Additional taxes levied by a taxing authority following an audit or amended tax return.

Miscellaneous Itemized Deductions

Various deductions that could be taken when calculating an individual's taxable income, subject to specific rules and limitations.

Gambling Losses

Financial losses resulting from wagering, which can be deducted up to the amount of gambling winnings on a taxpayer’s return.

Adjusted Gross Income

Gross income minus adjustments to income. This figure is used to determine how much of your income is taxable.

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