Identify Which of the Following Statements Is False

question 37

Multiple Choice

Identify which of the following statements is false.

• A)For purposes of trust administration, the term "sprinkling" relates to the discretionary authority of the trustee to distribute income among various beneficiaries.
• B)The IRS may terminate an estate as a taxpayer after the expiration of a reasonable period of time for performance of the administrative duties.
• C)Assets in a revocable trust do not avoid probate.
• D)Assets in a revocable trust are included in the gross estate.

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Definitions:

Obsessive-compulsive Disorder

A common, chronic, and long-lasting disorder in which a person has uncontrollable, reoccurring thoughts (obsessions) and behaviors (compulsions) that they feel the urge to repeat over and over.

Specific Phobia

An intense, irrational fear of a specific object, situation, or activity that poses little to no actual danger.

Social Anxiety Disorder

A chronic mental health condition where social interactions cause irrational anxiety.

Panic Disorder

An anxiety disorder characterized by recurrent unexpected panic attacks, which are sudden periods of intense fear that may include palpitations, sweating, and feelings of doom.