1. D

Revocable trusts are not practical trusts for asset protection since they provide very little defense from creditors or other litigation. The irrevocable trust is a better tool for asset protection since you transfer the assets into the trust and give up control. In the revocable trust, the grantor still has control of the assets, thus making them vulnerable.  

2. D

With Simple Trusts, two of the primary rules are no charitable beneficiaries and corpus must remain in the trust.

3. A

For 2013, the maximum estate tax rate is 40%.

4.
C

"Income in respect of a decedent" is unexpected income paid to a beneficiary after the death of the owner, and it is included on the beneficiary's tax return. Withdrawals from traditional IRAs are typically fully taxable (unless a portion of the IRA was after-tax contributions). Section 179 is a one-time deduction for capital assets.

5.
B

Loss of control (ownership) is a requirement when assets are re-titled to irrevocable trusts.
 

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