Answered: D) II, III, and IV

Business

Accounting

D) II, III, and IV

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

100%

If a transferor is concerned about shielding his assets from a creditor, which of the following transfer techniques should he utilize?

I. He should create a testamentary bypass trust.

II. He should transfer his assets to an UTMA for his minor child.

III. He should transfer his assets to a Section 2503(c) minor's trust and name an independent trustee.

IV. He should execute a payable on death designation on his bank account.

II only

I, III, and IV

II and III

II, III, and IV

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