Question 1

Which of the following is a trust established while you are living and receives your life insurance benefits upon your death and administers them in an agreed-on manner?

Accepted Answer

A) Grantor retained annuity trust 
B) Life insurance trust 
C) Marital-deduction trust 
D) Self-declaration trust 
E) Charitable lead trust 
A) Grantor retained annuity trust 
B) Life insurance trust 
C) Marital-deduction trust 
D) Self-declaration trust 
E) Charitable lead trust

Question 2

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

Accepted Answer

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

Question 3

LIMRA International,a financial services research organization,provides information about estate planning to survivors in the form of a booklet.

Accepted Answer

A) True 
 B)False

Question 4

What is the maximum yearly amount that an individual can give as a gift without incurring gift tax liability or having to report the gift to the IRS according to the Tax Cuts and Jobs Act?

Accepted Answer

A) $5,000 
B) $15,000 
C) $17,000 
D) $20,000 
E) $25,000 
A) $5,000 
B) $15,000 
C) $17,000 
D) $20,000 
E) $25,000

Question 5

How many months after your death is the federal estate tax due and payable in cash?

Accepted Answer

A) 3 
B) 6 
C) 9 
D) 12 
E) 15 
A) 3 
B) 6 
C) 9 
D) 12 
E) 15

Question 6

Gerald Wilkins owns a home worth $250,000,a car worth $15,000,various investments worth $600,000 and other personal assets worth $25,000.What are these things to Gerald?

Accepted Answer

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

Question 7

Matthew Miller has created a will and left everything to his wife Kate.What type of will has he created?

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 8

Unmarried couples face formidable retirement and estate planning challenges.

Accepted Answer

A) True 
 B)False

Question 9

A credit-shelter trust is also known as a bypass trust,a "residuary" trust,an A/B trust,an exemption equivalent trust,or a family trust.

Accepted Answer

A) True 
 B)False

Question 10

George Wade has been selected to receive the assets of his brother Kyle in the event of Kyle's death.What is George?

Accepted Answer

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

Question 11

Another name for an executor is an executrix.

Accepted Answer

A) True 
 B)False

Question 12

Benjamin Barry has been named by Katie Anderson to follow her instructions and distribute her assets as she has designated in her will,pay any bills,and collect any money owed to her.To which position has Benjamin been named?

Accepted Answer

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

Question 13

Which one of the following may be either typed or on a preprinted form and is usually prepared with an attorney's assistance?

Accepted Answer

A) Medical directives 
B) Holographic will 
C) Formal will 
D) Letter of last instruction 
E) Living will 
A) Medical directives 
B) Holographic will 
C) Formal will 
D) Letter of last instruction 
E) Living will

Question 14

Making any changes on the face of a will,that has been signed and witnessed,can invalidate it.

Accepted Answer

A) True 
 B)False

Question 15

It is unnecessary to review and modify your will when you divorce or remarry.

Accepted Answer

A) True 
 B)False

Question 16

Which statement is not true about a letter of last instruction?

Accepted Answer

A) It is also known as after-death wishes. 
B) It should contain details about your funeral arrangements. 
C) It should contain names of people to be notified of your death. 
D) It is legally enforceable in all states. 
E) It should contain information about the location of your bank accounts. 
A) It is also known as after-death wishes. 
B) It should contain details about your funeral arrangements. 
C) It should contain names of people to be notified of your death. 
D) It is legally enforceable in all states. 
E) It should contain information about the location of your bank accounts.

Question 17

The state law sets the fees for executors,whether professionals or friends.

Accepted Answer

A) True 
 B)False

Question 18

Most people cannot afford the expense of using trusts.

Accepted Answer

A) True 
 B)False

Question 19

Estate planning has two parts.The second part of estate planning consists of:

Accepted Answer

A) building your estate through working. 
B) transferring your estate,at your death,in the manner you have specified. 
C) deciding who should be your attorney. 
D) evaluating your assets and liabilities. 
E) buying life insurance. 
A) building your estate through working. 
B) transferring your estate,at your death,in the manner you have specified. 
C) deciding who should be your attorney. 
D) evaluating your assets and liabilities. 
E) buying life insurance.

Question 20

A legal document authorizing someone to act on your behalf,if you become ill or incapacitated,is called a:

Accepted Answer

A) codicil. 
B) rider. 
C) durable power of attorney. 
D) trustor. 
E) proxy. 
A) codicil. 
B) rider. 
C) durable power of attorney. 
D) trustor. 
E) proxy.

Which of the following is a trust established while you are living and receives your life insurance benefits upon your death and administers them in an agreed-on manner?

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

LIMRA International,a financial services research organization,provides information about estate planning to survivors in the form of a booklet.

What is the maximum yearly amount that an individual can give as a gift without incurring gift tax liability or having to report the gift to the IRS according to the Tax Cuts and Jobs Act?

How many months after your death is the federal estate tax due and payable in cash?

Gerald Wilkins owns a home worth $250,000,a car worth $15,000,various investments worth $600,000 and other personal assets worth $25,000.What are these things to Gerald?

Matthew Miller has created a will and left everything to his wife Kate.What type of will has he created?

Unmarried couples face formidable retirement and estate planning challenges.

A credit-shelter trust is also known as a bypass trust,a "residuary" trust,an A/B trust,an exemption equivalent trust,or a family trust.

George Wade has been selected to receive the assets of his brother Kyle in the event of Kyle's death.What is George?

Another name for an executor is an executrix.

Benjamin Barry has been named by Katie Anderson to follow her instructions and distribute her assets as she has designated in her will,pay any bills,and collect any money owed to her.To which position has Benjamin been named?

Which one of the following may be either typed or on a preprinted form and is usually prepared with an attorney's assistance?

Making any changes on the face of a will,that has been signed and witnessed,can invalidate it.

It is unnecessary to review and modify your will when you divorce or remarry.

Which statement is not true about a letter of last instruction?

The state law sets the fees for executors,whether professionals or friends.

Most people cannot afford the expense of using trusts.

Estate planning has two parts.The second part of estate planning consists of:

A legal document authorizing someone to act on your behalf,if you become ill or incapacitated,is called a:

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

Exam 19: Estate Planning

Which of the following is a trust established while you are living and receives your life insurance benefits upon your death and administers them in an agreed-on manner?

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

LIMRA International,a financial services research organization,provides information about estate planning to survivors in the form of a booklet.

What is the maximum yearly amount that an individual can give as a gift without incurring gift tax liability or having to report the gift to the IRS according to the Tax Cuts and Jobs Act?

How many months after your death is the federal estate tax due and payable in cash?

Gerald Wilkins owns a home worth $250,000,a car worth $15,000,various investments worth $600,000 and other personal assets worth $25,000.What are these things to Gerald?

Matthew Miller has created a will and left everything to his wife Kate.What type of will has he created?

Unmarried couples face formidable retirement and estate planning challenges.

A credit-shelter trust is also known as a bypass trust,a "residuary" trust,an A/B trust,an exemption equivalent trust,or a family trust.

George Wade has been selected to receive the assets of his brother Kyle in the event of Kyle's death.What is George?

Another name for an executor is an executrix.

Benjamin Barry has been named by Katie Anderson to follow her instructions and distribute her assets as she has designated in her will,pay any bills,and collect any money owed to her.To which position has Benjamin been named?

Which one of the following may be either typed or on a preprinted form and is usually prepared with an attorney's assistance?

Making any changes on the face of a will,that has been signed and witnessed,can invalidate it.

It is unnecessary to review and modify your will when you divorce or remarry.

Which statement is not true about a letter of last instruction?

The state law sets the fees for executors,whether professionals or friends.

Most people cannot afford the expense of using trusts.

Estate planning has two parts.The second part of estate planning consists of:

A legal document authorizing someone to act on your behalf,if you become ill or incapacitated,is called a:

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