Federal and state estate taxes are best described as
a. taxes on property left at death
b. taxes on beneficiaries
c. taxes on the transfer of property from a decedent to his or her beneficiaries
d. taxes on gifts
e. taxes on a person who dies
Question 2
An arrangement through which one transfers property to a third party with instructions for its distribution after death while retaining control over the property during his or her life is called a
a. will
b. gift
c. trust
d. joint tenancy with right of survivorship
e. codicil
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