Identify Which of the Following Statements Is True

question 17

Multiple Choice

Identify which of the following statements is true.

• A)The trustee of a Sec. 2503(c)trust must distribute all of the corpus and accumulated income when the beneficiary reaches the age of 25.
• B)The gift tax exclusion is available for a gift of a present or future interest.
• C)A "Crummey demand power" in a trust document allows the donor to demand a distribution from the trust in years in which assets are transferred to the trust.
• D)All of the above are true.

---

Definitions:

Life Savings

The total amount of money that an individual has saved over their lifetime, often used in the context of retirement or emergency funds.

Happiness

A state of well-being and contentment; the feeling of positive emotions.

Midlife Working Years

A stage in adult development typically characterized by employment and productivity, often occurring between the ages of 40 and 65.

Rich Countries

Nations with high gross domestic product (GDP) per capita, indicating significant economic wealth and standard of living.