A Credit Shelter Trust Is a Trust

A credit shelter trust is a trust

A) intended to protect the assets of a minor.
B) that cannot reduce the amount of estate taxes.
C) that is created by a will.
D) that is established so that the beneficiary cannot transfer or assign any unreceived payments.
E) designed for couples.
ESSAY. Write your answer in the space provided or on a separate sheet of paper.
45) For each of the following situations, select the best answer concerning adjustments to principal and income of an estate. Assume that the will does not specify whether the item is to be classified as principal or income.(A) Adjustment to the principal of the estate.(B) Adjustment to the income of the estate.(C) Allocated between the principal and income of the estate in some fair manner.(D) Allocated between the principal and income of the estate determined by existence at date of death.Homestead allowanceInsurance expensesExecutor's feeLife insurance proceeds when estate is beneficiaryInvestment commissionsDebts incurred prior to deathWater and other utility expensesLiquidating dividendsDividend incomeFuneral expensesExtraordinary repairs on income-producing propertyAttorney feesProperty taxesGains and losses on the sale of securitiesInterest incomeCourt costsOrdinary repairs on income-producing propertyAccounting fees