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4.Who are the principal parties to a trust? Briefly define each.LO 12.2DIFFICULTY: Easy5.What is an income beneficiary?LO 12.2DIFFICULTY: Easy6.What is a remainderman?LO 12.2DIFFICULTY: Easy7.What is the benefit of the gift-splitting election?LO 12.2DIFFICULTY: Easy8. Explain the difference between a simple trust and a complex trust?LO 12.2DIFFICULTY: Easy
Chapter 12: Estates, Gifts, and Trusts 59.What is the purpose of the kiddie tax?LO 12.3DIFFICULTY: Easy10.What is the gross estate of a decedent?LO 12.4DIFFICULTY: Easy11. How does the probate estate differ from the gross estate?LO 12.4DIFFICULTY: Moderate