1. Unless a special deferral is applied, a federal estate tax return (Form 706) must be filed within:
   1. 7 months following the property owner's death
   
   
   2. 9 months following the property owner's death
   
   
   3. 12 months following the property owner's death
   
   
   4. 18 months following the property owner's death
2. All of the following are types of transfer tax, EXCEPT:
   1. Gift Tax
   
   
   2. Capital Gains Tax
   
   
   3. Estate Tax
   
   
   4. Generation-Skipping Transfer Tax
3. The gross estate is reduced by allowable funeral and administration expenses, as well as certain debts, taxes and losses, to determine the:
   1. Adjusted Gross Estate
   
   
   2. Taxable Estate
   
   
   3. Tentative Tax Payable
   
   
   4. Estate Tax Payable
4. All of the following are reasonable causes for extensions to pay the federal estate tax, EXCEPT:
   1. The estate is illiquid because a farm or closely held business makes up most of the estate.
   2. The surviving spouse is disabled and receives Social Security benefits.
   3. The estate is experiencing legal problems.
   4. The estate contains assets that were not collected by the estate tax due date.
5. A married couple wishes to reduce their estate by transferring personal property to their two children and two grandchildren over time. In 2010, what is the total maximum annual amount they could transfer gift tax-free to their four heirs?
   1. $13,000
   
   
   2. $26,000
   
   
   3. $130,000
   
   
   4. $104,000
6. All of the following are common estate planning strategies involving life insurance, EXCEPT:
   1. Using life insurance proceeds to "equalize" the inheritance received by children.
   2. Reducing the size of the taxable estate by transferring life insurance policies out of the estate at least three years before death.
   3. Providing estate tax-free liquidity by using trust-owned life insurance to pay estate liabilities (including estate taxes).
   4. Leveraging the GSTT exemption, and ultimately reducing the GSTT tax load, by allocating all or a portion of the insured's GSTT exemption to insurance premium transfers to a life insurance trust.

Please print this Action Assignment using the "Printer Friendly" button at the top of this page. Once it is complete, sign it and submit it to your General Agent for his or her signature. Give one signed copy to the General Agent and fax/send another copy to Field Development Operations at the corporate headquarters — (513) 794-4515.