Which, If Any, of the Following Procedures Reduces Both Ned's

question 72

Multiple Choice

Which, if any, of the following procedures reduces both Ned's gross estate and probate estate?

• A)Ned purchased a CD listing title as "Ned, payable on proof of death to Eileen." Eileen is Ned's niece.
• B)Four years ago, Ned named his wife as the designated beneficiary of his IRA. (Previously, Ned's estate was the designated beneficiary.)
• C)Using her funds, Ned's wife purchased real estate listing herself and Ned as "tenants by the entirety with right of survivorship."
• D)Four years ago, Ned made a gift of an insurance policy on his life to his daughter (the designated beneficiary).
• E)None of the above.

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Definitions:

Social Necessity

The concept that certain conditions, goods, or services are essential for the functioning and well-being of a society.

Hispanic American

An individual of Latin American descent living in the United States, contributing to the cultural and demographic diversity of the country.

Ethnic Group

A community or population made up of people who share a common cultural background, heritage, language, or lineage.

Customs

Traditional practices, behaviors, or rituals that are specific to a particular culture, society, or community.