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 could give an unlimited amount of assets to your [children | spouse] without incurring any gift taxes.

(Essay)

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Question 101

Dying intestate means dying with a valid will.

(True/False)

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Question 102

A testamentary trust is established in a will.

(True/False)

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Question 103

A power of attorney allows an individual to write a will.

(True/False)

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Question 104

The right of election provides that a spouse

(Multiple Choice)

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Question 105

Which of the following is not a section of the last will and testament

(Multiple Choice)

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Question 106

Jill and Jack are siblings.Jill wants to gift $15,000 to Jack's daughter.She and Jack can join in that gift to take advantage of gift splitting.

(True/False)

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Question 107

The testator of a will always receives property from the will.

(True/False)

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Question 108

A letter of last instructions could include this information.

(Multiple Choice)

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Question 109

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. -Theresa and Ella,mother and daughter,own property as joint tenants with the right of survivorship.Ella [can | cannot] write a valid will leaving her part of this property to Bob Shockey.

(Essay)

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Question 110

Updating an estate plan is a critical part of the estate planning process.

(True/False)

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Question 111

A will is required by state law.

(True/False)

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Question 112

The person or guardian you chose for your children should

(Multiple Choice)

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Question 113

You should review your estate plan every

(Multiple Choice)

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Question 114

One should make copies of his will and store them in different places.

(True/False)

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Question 115

Minors can handle large sums of money and property.

(True/False)

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Question 116

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. -Claudia had not yet signed her newly written will when she died.This will [still would | would not] be valid.

(Essay)

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Question 117

In a community property state,income earned by a husband belongs equally to his wife.

(True/False)

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Question 118

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. -[Most | Very few] people need to do estate planning.

(Essay)

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Question 119

All of the following are parts of estate planning except:

(Multiple Choice)

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Question 120

Showing 101 - 120 of 172

Dying intestate means dying with a valid will.

A testamentary trust is established in a will.

A power of attorney allows an individual to write a will.

The right of election provides that a spouse

Which of the following is not a section of the last will and testament

Jill and Jack are siblings.Jill wants to gift $15,000 to Jack's daughter.She and Jack can join in that gift to take advantage of gift splitting.

The testator of a will always receives property from the will.

A letter of last instructions could include this information.

Updating an estate plan is a critical part of the estate planning process.

A will is required by state law.

The person or guardian you chose for your children should

You should review your estate plan every

One should make copies of his will and store them in different places.

Minors can handle large sums of money and property.

In a community property state,income earned by a husband belongs equally to his wife.

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. -[Most | Very few] people need to do estate planning.

All of the following are parts of estate planning except:

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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