1. lf Fred dies today, what is the amount included in his gross estate?

A. $10,828,500
B. $10,953,000
C. $12,040,500
D. $12,150,500

2. Considering the current estate plan, which of the following best describes Fred's liquidity position at death?

A. Severely impaired
B. Moderately impaired
C. Modestly impaired
D. Adequate

3. If Fred completes business succession documents that transfer his business interest at death to Ted, which technique involves the lowest adverse impact on Fred's estate liquidity?

A. A funded one-way buyout agreement
B. Sec. 303 partial stock redemption
C. Partial transfer of Fred's individual term policy to Ted
D. Transfer of the whole life policy to Ted

4. Under the current documents, which of the following powers is Mary presumed to have if Fred dies first?

A. Five-and-five power
B. Limited power of appointment
C. General power of appointment
D. A power limited by an ascertainable standard

5. At Fred's death, Mary would, in effect, have a general power of appointment over the short-term fixed-income fund to what extent?

A. Not at all
B. 50%
C. 100%
D. Her contribution