Who are the principal parties to a trust briefly

4. Who are the principal parties to a trust? Briefly define each.
LO 12.2
DIFFICULTY: Easy
5. What is an income beneficiary?
LO 12.2
DIFFICULTY: Easy
6. What is a remainderman?
LO 12.2
DIFFICULTY: Easy
7. What is the benefit of the gift-splitting election?
LO 12.2
DIFFICULTY: Easy
8. Explain the difference between a simple trust and a complex trust?
LO 12.2
DIFFICULTY: Easy

Chapter 12: Estates, Gifts, and Trusts 5
9. What is the purpose of the kiddie tax?
LO 12.3
DIFFICULTY: Easy
10. What is the gross estate of a decedent?
LO 12.4
DIFFICULTY: Easy
11. How does the probate estate differ from the gross estate?
LO 12.4
DIFFICULTY: Moderate