Question 1

In order to avoid being included in one's estate,gifts of life insurance must be given at least ____ years before death.

Accepted Answer

A)  1 
B)  2 
C)  3 
D)  4 
E)  5 
A)  1 
B)  2 
C)  3 
D)  4 
E)  5

Question 2

An estate plan would be least likely to need revision when

Accepted Answer

A)  a child was born. 
B)  people moved from one state to another. 
C)  a son graduated from college. 
D)  a spouse became disabled. 
E)  the tax laws changed. 
A)  a child was born. 
B)  people moved from one state to another. 
C)  a son graduated from college. 
D)  a spouse became disabled. 
E)  the tax laws changed.

Question 3

A "trustee" is also called the

Accepted Answer

A)  Settlor 
B)  Trustor 
C)  Creator 
D)  All of the above 
E)  None of the above 
A)  Settlor 
B)  Trustor 
C)  Creator 
D)  All of the above 
E)  None of the above

Question 4

A potential estate planning problem is improper distribution of assets.

Accepted Answer

A) True 
 B)False

Question 5

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for no spouse but offspring?

Accepted Answer

100% to of

Question 6

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.
-Mike and Tristan,father and son,own property as tenants in common.Tristan [can | cannot] write a valid will leaving his part of this property to Ella Fitzgerald.

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Question 7

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.
-Your estate is more likely to be subject to [state | federal] death taxes.

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Question 8

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.
-Your will [may | may not] contain a testamentary trust.

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Question 9

Intestacy results from dying without a valid will.

Accepted Answer

A) True 
 B)False

Question 10

Only the wealthy need an attorney to prepare their wills.

Accepted Answer

A) True 
 B)False

Question 11

A durable power of attorney for health care allows loved ones to terminate life support.

Accepted Answer

A) True 
 B)False

Question 12

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.
-If you consider wealth only,anyone with an estate expected to exceed [$500,000 | $1,000,000] in 2002 must consider estate planning.

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Question 13

The living will states;

Accepted Answer

A)  distribution of assets while alive 
B)  duration of medical treatments 
C)  agent may make health care decisions if you are unable to do so 
D)  while alive you and only you may make changes to your will 
E)  all of the above 
A)  distribution of assets while alive 
B)  duration of medical treatments 
C)  agent may make health care decisions if you are unable to do so 
D)  while alive you and only you may make changes to your will 
E)  all of the above

Question 14

Inheritance tax is the same as estate tax.

Accepted Answer

A) True 
 B)False

Question 15

Probate property includes only real property.

Accepted Answer

A) True 
 B)False

Question 16

Joint ownership of assets is an effective substitute for a will.

Accepted Answer

A) True 
 B)False

Question 17

A will is used to

Accepted Answer

A)  name a personal representative to guide the distribution of the estate 
B)  name a guardian for persons and property 
C)  specify the distribution of tax burdens to beneficiaries 
D)  all of the above 
E)  none of the above 
A)  name a personal representative to guide the distribution of the estate 
B)  name a guardian for persons and property 
C)  specify the distribution of tax burdens to beneficiaries 
D)  all of the above 
E)  none of the above

Question 18

____ would be a first-level death-related cost.

Accepted Answer

A)  Funeral expenses 
B)  Federal estate taxes 
C)  Probate expenses 
D)  Inheritance taxes 
E)  Administrative costs 
A)  Funeral expenses 
B)  Federal estate taxes 
C)  Probate expenses 
D)  Inheritance taxes 
E)  Administrative costs

Question 19

An estate plan is good only as long as it fits the needs,desires,and circumstances of the parties involved.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following are requirements of a valid will

Accepted Answer

A)  mental capacity 
B)  freedom of choice 
C)  proper execution 
D)  all of the above 
E)  none of the above 
A)  mental capacity 
B)  freedom of choice 
C)  proper execution 
D)  all of the above 
E)  none of the above

In order to avoid being included in one's estate,gifts of life insurance must be given at least ____ years before death.

An estate plan would be least likely to need revision when

A "trustee" is also called the

A potential estate planning problem is improper distribution of assets.

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for no spouse but offspring?

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. -Your estate is more likely to be subject to [state | federal] death taxes.

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. -Your will [may | may not] contain a testamentary trust.

Intestacy results from dying without a valid will.

Only the wealthy need an attorney to prepare their wills.

A durable power of attorney for health care allows loved ones to terminate life support.

The living will states;

Inheritance tax is the same as estate tax.

Probate property includes only real property.

Joint ownership of assets is an effective substitute for a will.

A will is used to

____ would be a first-level death-related cost.

An estate plan is good only as long as it fits the needs,desires,and circumstances of the parties involved.

Which of the following are requirements of a valid will

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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Exam 15: Preserving Your Estate

In order to avoid being included in one's estate,gifts of life insurance must be given at least ____ years before death.

An estate plan would be least likely to need revision when

A "trustee" is also called the

A potential estate planning problem is improper distribution of assets.

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for no spouse but offspring?

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. -Your estate is more likely to be subject to [state | federal] death taxes.

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. -Your will [may | may not] contain a testamentary trust.

Intestacy results from dying without a valid will.

Only the wealthy need an attorney to prepare their wills.

A durable power of attorney for health care allows loved ones to terminate life support.

The living will states;

Inheritance tax is the same as estate tax.

Probate property includes only real property.

Joint ownership of assets is an effective substitute for a will.

A will is used to

____ would be a first-level death-related cost.

An estate plan is good only as long as it fits the needs,desires,and circumstances of the parties involved.

Which of the following are requirements of a valid will

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

Filters