Exam 15: Preserving Your Estate

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -You need to make a minor revision in your will.You should write a [codicil | new will].

(Essay)

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Question 41

Maxine's estate is worth $600,000.It will not be subject to federal estate taxes.

(True/False)

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Question 42

A lay person can competently draft a will for a small estate.

(True/False)

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Question 43

A will can be destroyed after a codicil is written.

(True/False)

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Question 44

Mike gave his 25 year old son $13,000 worth of stock in 2009.When Mike died in 2010,that stock was worth $15,000.How much of that gift would potentially be subject to the federal gift and estate tax?

(Multiple Choice)

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Question 45

The adoption of a child will cause estate transfer costs to change.

(True/False)

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Question 46

When you die intestate,you have given the court or state the privilege of determining

(Multiple Choice)

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Question 47

The recipient of the gift will pay any gift tax that is due.

(True/False)

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Question 48

The person who writes a will is called the

(Multiple Choice)

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Question 49

A new will revokes previous wills only if a statement such as "This will revokes all previous wills" appears.

(True/False)

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Question 50

If there is no tax clause in a will,

(Multiple Choice)

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Question 51

The main objective of estate planning is to save attorney's fees.

(True/False)

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Question 52

Witnesses to a will may not be family members.

(True/False)

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Question 53

Proof of mental capacity lies on the person contesting a will,not the individual writing a will.

(True/False)

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Question 54

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -The person writing a will is called the [decedent | testator].

(Essay)

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Question 55

The goal of estate planning is to:

(Multiple Choice)

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Question 56

An accountant can help estimate transfer costs.

(True/False)

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Question 57

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -An inheritance tax is paid by the [estate | recipient] of the inheritance.

(Essay)

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(64)

Question 58

Which of the following qualities are essential in a trustee

(Multiple Choice)

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Question 59

One of the aspects of disposition of property consists of

(Multiple Choice)

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Question 60

Showing 41 - 60 of 172

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -You need to make a minor revision in your will.You should write a [codicil | new will].

Maxine's estate is worth $600,000.It will not be subject to federal estate taxes.

A lay person can competently draft a will for a small estate.

A will can be destroyed after a codicil is written.

Mike gave his 25 year old son $13,000 worth of stock in 2009.When Mike died in 2010,that stock was worth $15,000.How much of that gift would potentially be subject to the federal gift and estate tax?

The adoption of a child will cause estate transfer costs to change.

When you die intestate,you have given the court or state the privilege of determining

The recipient of the gift will pay any gift tax that is due.

The person who writes a will is called the

A new will revokes previous wills only if a statement such as "This will revokes all previous wills" appears.

If there is no tax clause in a will,

The main objective of estate planning is to save attorney's fees.

Witnesses to a will may not be family members.

Proof of mental capacity lies on the person contesting a will,not the individual writing a will.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -The person writing a will is called the [decedent | testator].

The goal of estate planning is to:

An accountant can help estimate transfer costs.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -An inheritance tax is paid by the [estate | recipient] of the inheritance.

Which of the following qualities are essential in a trustee

One of the aspects of disposition of property consists of

Understanding the Financial Planning Process

Your Financial Statements and Plans

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

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