Answered: Assuming that a decedent left no valid…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Assuming that a decedent left no valid last will and testament, which one of the following assets will pass by the laws of intestate succession?

A money market account at his bank that was held in the decedent’s name that was payable on death (POD) in favor of his spouse

A life insurance policy on the decedent/grantor’s life placed into an irrevocable life insurance trust (ILIT) for the benefit of the decedent’s children two years prior to the decedent’s death

Assets placed in an inter vivos irrevocable trust in which the decedent/grantor was the sole income beneficiary and the decedent’s children were the remainder beneficiaries

Assets held by the decedent and his or her spouse as community property in a community property state that were designated community property by a nuptial agreement

Definition Definition Financial market that deals in securities or assets that are short-term in nature. The money market is responsible for keeping up the liquidity of the businesses and the organizations. These securities are usually held for a period of 12 months or less and are issued by institutions that require cash or funds for their short-term cash flow requirements. The money market is regulated by the federal government.

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