過去問 Estates, Trust & Exempt Organizations ４

Arno plans to establish a spendthrift trust naming Ford and Sims as life income beneficiaries, Trip residuary beneficiary, and Bing as trustee. Arno plans to fund the trust with an office building.

For the trust to be enforceable, Arno must

a.                        Execute a written trust instrument

b.                       Provide for Bing’s trustee fees

c.                        Designate a successor trustee

d.                       Deed the property to Bing as trustee

8046

Solution　d

Propertyを譲渡して管理させなければいけない。Real PropertyがTrust Property だった（Machine、Equipment等のPersonal Property ではなかった）ので、aも必要。契約事項もMust be writing。ArnoldがTrusteeをProvideすると書いてある必要はないし、するべきでない。Successor Trustee をDesignateしなくてもいい（Court がAppoint することもできる）。

An irrevocable testamentary trust was created by Park, with Gordon named as trustee. The trust provided that the income will be paid to Hardy for life with the principal then reverting to Park's estate to be paid to King. The trust will automatically end on the death of

a.                        Park

b.                       Gordon

c.                        Hardy

d.                       King

4774

Solution　c

Income Beneficiary が死ぬと、King に全部行って終わり。

If not expressly granted, which of the following implied powers would a trustee have?

I. Power to sell trust property
II. Power to borrow from the trust
III. Power to pay trust expenses

a.                        I and II

b.                       I and III

c.                        II and III

d.                       I, II, and III

3089

Solution　b

IIはAgainst the fiduciary duty

In a written trust containing no specific powers, the trustee will have all of the following implied powers except

a.                        Sell trust property

b.                       Pay management expenses

c.                        Accumulate income

d.                       Employ a CPA to prepare trust tax returns

4772

Solution　c

Accumulate Income はしてはいけない。

When a trust instrument is silent regarding a trustee's powers, which of the following implied powers does a trustee generally have?

	The power to make distributions of principal to income beneficiaries	The power to lease trust property to third parties
a.	Yes	Yes
b.	Yes	No
c.	No	Yes
d.	No	No

6505

Solution　c

Principle はRemainderman に行く。You can sell or lease the property to the 3^rd party.

Mason's will created a testamentary trust for the benefit of Mason's spouse. Mason's sister and Mason's spouse were named as co-trustees of the trust. The trust provided for discretionary principal distributions to Mason's spouse. It also provided that, on the death of Mason's spouse, any remaining trust property was to be distributed to Mason's children. Part of the trust property consisted of a very valuable coin collection. After Mason's death, which of the following statements would be correct?

a.                        Mason’s spouse may not be a co-trustee because the spouse is also a beneficiary of the trust.

b.                       Mason’s sister may delegate her duties as co-trustee to the spouse and thereby not be liable for the administration of the trust.

c.                        Under no circumstances could the spouse purchase the coin collection from the trust without breaching fiduciary duties owed to the trust and Mason’s children.

d.                       The co-trustees must use the same degree of skill, judgment, and care in managing the trust assets as reasonably prudent persons would exercise in managing their own affairs.

0858

Solution　d

Sister もTrustee なので、Trustee とBeneficiary が同じ人でも大丈夫。同じ人だとMerger となり、そのTrust は終わってしまうのだが、Co-Trustee だから大丈夫。

aは「maybe」なら正解。

b　たとえMason のSister がDelegation しても逃れることはできない。

c　There could be a situation.　買ってもいい。

Cord's will created a trust to take effect on Cord's death. The will named Cord's spouse as both the trustee and personal representative (executor) of the estate. The will provided that all of Cord's securities were to be transferred to the trust and named Cord's child as the beneficiary of the trust. Under the circumstances,

a.                        Cord has created an inter vivos trust.

b.                       Cord has created a testamentary trust.

c.                        The trust is invalid because it will not become effective until Cord’s death.

d.                       Cord’s spouse may not serve as both the trustee and personal representative because of the inherent conflict of interest.

5349

Solution　b

a　Inter-vivos は生きている間。問題文自体がb Testamentary Trust の定義。

To which of the following trusts would the rule against perpetuities not apply?

a.                        Charitable

b.                       Spendthrift

c.                        Totten

d.                       Constructive

3090

Solution　a

Rule against perpetuities は、通常死んでから21年という制限がある。Bとcとdは一般的な縛りがある。

Which of the following expenditures resulting from a trust's ownership of commercial real estate should be allocated to the trust's principal?

a.                        Building management fees

b.                       Depreciation

c.                        Insurance premiums

d.                       Mortgage principal payments

4771

Solution　d

aとｂとｃは、Income Beneficiary がchargeされる部分。

Absent specific directions, which of the following parties will ordinarily receive the assets of a terminated trust?

a.                        Income beneficiaries

b.                       Remaindermen

c.                        Grantor

d.                       Trustee

5348

Solution　b

何も書かれていないのであれば、元本部分はRemainderman がもらう。

Arno plans to establish a spendthrift trust naming Ford and Sims life income beneficiaries, Trip residuary beneficiary, and Bing as trustee. Arno plans to fund the trust with an office building. Assume an enforceable trust was formed. Which of the following will be allocated to trust principal?/p>

	Annual property tax	Monthly mortgage principal payment
a.	Yes	Yes
b.	Yes	No
c.	No	Yes
d.	No	No

3986

Solution　c

毎年の税金がらみはIncome Beneficiary がPick-upしなければいけないが、毎月の元本の支払いはPrincipal にAllocate される。

Which of the following would ordinarily be distributed to a trust income beneficiary?

I. Royalties
II. Stock received in a stock split
III. Cash dividends
IV. Settlements of claims for damages to trust property

a.                        I and II

b.                       I and III

c.                        II and III

d.                       II and IV

3092

Solution　b

Royalty とCash Dividend はTrust Income Beneficiary。Not Principal（2と4）。Not Remainderman。

Jay properly created an inter vivos trust naming Kroll as trustee. The trust's sole asset is a fully rented office building. Rental receipts exceed expenditures. The trust instrument is silent about the allocation of items between principal and income. Among the items to be allocated by Kroll during the year are insurance proceeds received as a result of fire damage to the building and the mortgage interest payments made during the year. Which of the following items is (are) properly allocable to principal?

	Insurance proceeds on building	Current mortgage interest payments
a.	No	No
b.	No	Yes
c.	Yes	No
d.	Yes	Yes

8049

Solution　c

火災によっておりた保険金はPrincipal、利息はIncome Beneficiary がExpense としてPick up。

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