The ________ Doctrine Says That If the Property a Testator

question 37

Multiple Choice

The ________ doctrine says that if the property a testator leaves is insufficient to satisfy all the beneficiaries named in a will and there are both general and residuary bequests, the residuary bequest is paid last.

• A) ademption
• B) inter vivos
• C) abatement
• D) adjournment

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Definitions:

MAGI

Modified Adjusted Gross Income is a measure used by the IRS to determine eligibility for certain tax benefits, adjusting the gross income by adding back certain deductions.

Short-term Gain

Profit realized from the sale of assets held for a year or less, subject to taxes at ordinary income rates in many jurisdictions.

Long-term Gain

The profit from the sale of an asset held for more than a year, subject to lower capital gains tax rates.

Investment Portfolio

A collection of assets including stocks, bonds, mutual funds, and other investments held by an individual or an institution.