Question 1

A qualified personal residence trust,or QPRT,lets you get your home or vacation home out of your estate.

Accepted Answer

A) True 
 B)False

Question 2

A guardian is a person or an institution that holds property for the benefit of someone else.

Accepted Answer

A) True 
 B)False

Question 3

Which one of the following statements is correct regarding wills?

Accepted Answer

A) Only married people need a will. 
B) Only married people with dependents need a will. 
C) Only the rich with considerable estates need a will. 
D) Every adult should have a written will. 
E) Only senior citizens need a will. 
A) Only married people need a will. 
B) Only married people with dependents need a will. 
C) Only the rich with considerable estates need a will. 
D) Every adult should have a written will. 
E) Only senior citizens need a will.

Question 4

A codicil is a document that explains,adds,or deletes provisions in your existing will.

Accepted Answer

A) True 
 B)False

Question 5

Millions of nontraditional households have unique estate planning problems.

Accepted Answer

A) True 
 B)False

Question 6

Benjamin Wiley is married and has assets totaling $9 million.What type of will would most likely result in the lowest overall amount of federal estate taxes? Assume the exemption amount is $3 million.

Accepted Answer

A) Simple 
B) Traditional marital share 
C) Exemption trust 
D) Stated dollar amount 
E) Living 
A) Simple 
B) Traditional marital share 
C) Exemption trust 
D) Stated dollar amount 
E) Living

Question 7

What is estate planning and how does your personal situation affect that planning?

Accepted Answer

Estate planning is a definite plan for t

Question 8

Which of the following is a part of estate planning?

Accepted Answer

A) Making a will 
B) Setting up a trust 
C) Accumulating savings and investments for your future 
D) Disposing of your property at your death 
E) All of these are part of estate planning. 
A) Making a will 
B) Setting up a trust 
C) Accumulating savings and investments for your future 
D) Disposing of your property at your death 
E) All of these are part of estate planning.

Question 9

If both parents die at the same time,a(n)________ is a person who assumes the responsibilities of providing the children with personal care and of managing the estate.

Accepted Answer

A) beneficiary 
B) executor 
C) trustee 
D) guardian 
E) executrix 
A) beneficiary 
B) executor 
C) trustee 
D) guardian 
E) executrix

Question 10

Hugh Bowers has been selected by Sandra Tyler to assume the responsibility of raising her children and managing her estate for those children if she were to die.In what capacity would Hugh be acting?

Accepted Answer

A) Executor 
B) Trustee 
C) Guardian 
D) Beneficiary 
E) Agent 
A) Executor 
B) Trustee 
C) Guardian 
D) Beneficiary 
E) Agent

Question 11

A living will is a substitute for a traditional will.

Accepted Answer

A) True 
 B)False

Question 12

A living trust avoids probate at your death.

Accepted Answer

A) True 
 B)False

Question 13

A will is:

Accepted Answer

A) a way to transfer your property according to your wishes after you die. 
B) a synonym for a prenuptial agreement. 
C) a legal document authorizing someone to act on your behalf. 
D) a synonym for a letter of last instruction. 
E) a legal arrangement through which your assets are held by someone else. 
A) a way to transfer your property according to your wishes after you die. 
B) a synonym for a prenuptial agreement. 
C) a legal document authorizing someone to act on your behalf. 
D) a synonym for a letter of last instruction. 
E) a legal arrangement through which your assets are held by someone else.

Question 14

Which is true of estate planning?

Accepted Answer

A) It includes handling your property while you are alive 
B) It includes dealing with what happens to your property after your death 
C) It is part of retirement planning 
D) It is part of financial planning 
E) All of these 
A) It includes handling your property while you are alive 
B) It includes dealing with what happens to your property after your death 
C) It is part of retirement planning 
D) It is part of financial planning 
E) All of these

Question 15

A federal and state tax levied on the privilege of making gifts to others is called a(n)________ tax.

Accepted Answer

A) estate income 
B) trust income 
C) inheritance 
D) gift 
E) estate 
A) estate income 
B) trust income 
C) inheritance 
D) gift 
E) estate

Question 16

What are the four major federal and state taxes that must be considered in estate planning?

Accepted Answer

The tax aspects of estate planning have

Question 17

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Accepted Answer

A) Tenancy by default 
B) Tenancy by the entirety 
C) Tenants in common 
D) Joint tenants with the right of survivorship 
E) Tenancy by performance 
A) Tenancy by default 
B) Tenancy by the entirety 
C) Tenants in common 
D) Joint tenants with the right of survivorship 
E) Tenancy by performance

Question 18

Estate planning is not an essential part of retirement planning.

Accepted Answer

A) True 
 B)False

Question 19

A prenuptial agreement is a documentary agreement between spouses after marriage.

Accepted Answer

A) True 
 B)False

Question 20

Joseph Smith has assets worth $1,200,000.He has written a legal document that specifies that these assets are to be divided equally between his wife and his two sons upon his death.What is this legal document?

Accepted Answer

A) Estate 
B) Will 
C) Trust 
D) Probate 
E) Liabilities 
A) Estate 
B) Will 
C) Trust 
D) Probate 
E) Liabilities

A qualified personal residence trust,or QPRT,lets you get your home or vacation home out of your estate.

A guardian is a person or an institution that holds property for the benefit of someone else.

Which one of the following statements is correct regarding wills?

A codicil is a document that explains,adds,or deletes provisions in your existing will.

Millions of nontraditional households have unique estate planning problems.

Benjamin Wiley is married and has assets totaling $9 million.What type of will would most likely result in the lowest overall amount of federal estate taxes? Assume the exemption amount is $3 million.

What is estate planning and how does your personal situation affect that planning?

Which of the following is a part of estate planning?

If both parents die at the same time,a(n)________ is a person who assumes the responsibilities of providing the children with personal care and of managing the estate.

Hugh Bowers has been selected by Sandra Tyler to assume the responsibility of raising her children and managing her estate for those children if she were to die.In what capacity would Hugh be acting?

A living will is a substitute for a traditional will.

A living trust avoids probate at your death.

A will is:

Which is true of estate planning?

A federal and state tax levied on the privilege of making gifts to others is called a(n)________ tax.

What are the four major federal and state taxes that must be considered in estate planning?

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Estate planning is not an essential part of retirement planning.

A prenuptial agreement is a documentary agreement between spouses after marriage.

Joseph Smith has assets worth $1,200,000.He has written a legal document that specifies that these assets are to be divided equally between his wife and his two sons upon his death.What is this legal document?

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: the Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health,disability,and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

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Exam 19: Estate Planning

A qualified personal residence trust,or QPRT,lets you get your home or vacation home out of your estate.

A guardian is a person or an institution that holds property for the benefit of someone else.

Which one of the following statements is correct regarding wills?

A codicil is a document that explains,adds,or deletes provisions in your existing will.

Millions of nontraditional households have unique estate planning problems.

Benjamin Wiley is married and has assets totaling $9 million.What type of will would most likely result in the lowest overall amount of federal estate taxes? Assume the exemption amount is $3 million.

What is estate planning and how does your personal situation affect that planning?

Which of the following is a part of estate planning?

If both parents die at the same time,a(n)________ is a person who assumes the responsibilities of providing the children with personal care and of managing the estate.

Hugh Bowers has been selected by Sandra Tyler to assume the responsibility of raising her children and managing her estate for those children if she were to die.In what capacity would Hugh be acting?

A living will is a substitute for a traditional will.

A living trust avoids probate at your death.

A will is:

Which is true of estate planning?

A federal and state tax levied on the privilege of making gifts to others is called a(n)________ tax.

What are the four major federal and state taxes that must be considered in estate planning?

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Estate planning is not an essential part of retirement planning.

A prenuptial agreement is a documentary agreement between spouses after marriage.

Joseph Smith has assets worth $1,200,000.He has written a legal document that specifies that these assets are to be divided equally between his wife and his two sons upon his death.What is this legal document?

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: the Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health,disability,and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Filters