Kimberly, age 24, has few assets, and is single with no children. Kimberly has a 10-year-old niece Tanya who she would like her entire estate to be distributed to at death. She consults with her lawyer Jackie to write a will. What is the most important clause Jackie should add in Kimberly's will?

• A. Discretionary encroachment.
• B. Appointment of a guardian for a minor.
• C. Discretionary powers to divest assets, borrow from estate and to make investment decisions.
• D. Funeral instructions and requirement to pay all debts and obligations.

By when must a personal trust file its income tax return?

• A. By April 30th of the following year.
• B. Within 90 days of December 31st.
• C. Within 90 days of the trust's tax year-end.
• D. By February 15th of the following year.

What is a disadvantage of a corporation?

• A. Owners are not able to limit their personal liability for business debts.
• B. There are no government grants available to corporations.
• C. At death of a shareholder, there may be a potential for double taxation.
• D. Attribution rules apply to loans to a small business corporation.

What is the maximum of the payor spouse's net income that may be deducted to fulfil child support obligations?

• A. 60%.
• B. 50%.
• C. 40%.
• D. 33%.

The Spousal Support Advisory Guidelines are not intended to apply under which circumstance?

• A. For annual incomes greater than $350,000.
• B. For married couples.
• C. For unmarried couples.
• D. For annual incomes less than $50,000.