Using His Separate Funds,Wilbur Purchases an Annuity Which Pays Him

question 102

True/False

Using his separate funds,Wilbur purchases an annuity which pays him a specified amount until death.Upon Wilbur's prior death,a reduced amount is to be paid to Marcia for her life.Marcia predeceases Wilbur.Nothing concerning the annuity contract is included in Marcia's gross estate.

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Definitions:

Thomas Jefferson

The third President of the United States, serving from 1801 to 1809, he is known for his role in writing the Declaration of Independence and for the Louisiana Purchase.

Alexander Hamilton

A founding father of the United States, first Secretary of the Treasury, and key author of the Federalist Papers, instrumental in creating the nation's financial system.

Life Terms

Durations of appointment, often used in the context of judicial or governmental positions, that extend for the incumbent's lifetime unless resigned, retired, or impeached.

Rhode Island

The smallest U.S. state by area, known for its Sandy shores and seaside Colonial towns. It was also the first of the thirteen original colonies to declare independence from British rule.