Question #44 of 85 Question ID: 1251825Which of the following are correct statements regarding a payable on death (POD) account used as a will substitute?Use of a POD designation is a completed gift, but is entitled to an annual exclusion for each named beneficiary.The named beneficiary can transfer up to one-half of the assets in the account.The account assets will be included in the account owner's gross estate.The account assets will be transferred outside of probate. A)III and IV B)I, III, and IV C)II only D)I and III

Option number A will be the correct answer.

Answered: Question #44 of 85 Question ID:…

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 #44 of 85

Question ID: 1251825

Which of the following are correct statements regarding a payable on death (POD) account used as a will substitute?

Use of a POD designation is a completed gift, but is entitled to an annual exclusion for each named beneficiary.
The named beneficiary can transfer up to one-half of the assets in the account.
The account assets will be included in the account owner's gross estate.
The account assets will be transferred outside of probate.

III and IV

I, III, and IV

II only

I and III

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