There are 6 questions. I have found the answers for all questions so all you need to do is check the answer if they are correct or not, and paraphrase them.

 

1.         Explain the difference between the terms “probate estate”, “non-probate estate” and “gross estate”.

 

http://bwlaw.blogs.com/estate_planning_bits/2006/09/probate_estate_.html

 

 2.        Explain the difference between an estate tax deduction and an estate tax credit.

 

The estate tax deduction is the difference between the estate taxincluding IRD items and the estate tax without IRD items. An estateoften has, as an asset, the right to receive items of income on which income tax has yet to be paid. Those income items are called Income in Respect of Decedent.

 

A tax credit that is afforded to every man, woman and child in America by the IRS. This credit allows each person to gift a certain amount of their assets to other parties without having to pay gift, estate or generation-skipping transfer taxes.

 

 

 

 3.        List three valuation discounts used in estate or gift tax valuations.

 

Valuation discounts

Minority discount

Lack of marketability discount

Blockage discount

Key person discount

 

 

 4.        List three available estate tax deductions.

 

Funeral expenses

Last medical expenses

Administration expenses

Debts

Losses during administration

 

 5.        What is a “disclaimer trust”?

 

Disclaimer Trust' A trust that has embedded provisions (usually contained in a will) which allow a surviving spouse to put specific assets under the trust by disclaiming ownership of a portion of the estate. Disclaimed property interests are transferred to the trust, without being taxed.

 

 

 

 6.        List three ways that a decedent’s property will qualify for the estate tax marital deduction?

http://thismatter.com/money/wills-estates-trusts/marital-deduction.htm